MERMAID Waters is undergoing rapid gentrification as young families and professionals flock to the Gold Coast suburb.
A younger brother to elite housing hotspot Mermaid Beach, the once lesser-known suburb of Mermaid Waters has become a standout with big-ticket housing renovations and new builds lifting the appeal.
Development is also changing the local landscape, with Sunland Group’s 42ha master planned community The Lakes taking shape on the corner of Hooker and Lakeview boulevards.
Real estate agents are reporting a spike in interest, with huge numbers through open homes in the suburb where the median house price hit $980,000 in the 12 months to July – a 35 per cent increase over five years with agents predicting the suburb to join the elite million dollar median club soon.
Andrew Henderson, Professionals John Henderson Real Estate Mermaid Beach principal, said the “typical homeowner” at Mermaid Waters had dramatically changed over the decades.
“The average age through there was quite high, but over the years has come down as younger families move in.”
Mr Henderson said houses built in the 1980s and in original condition were popular with buyers wanting to renovate.
His agency was taking a house at 18 Salacia Ave to auction on Saturday and was expecting plenty of interest.
“It’s a non-waterfront block and an older house but it’s in immaculate condition,” Mr Henderson said. “I would imagine someone would do a big renovation on it.”
Ray White Broadbeach Waters principal Mitch Palmer said there was a mixture of buyers including strong demand from families.
“We sell in both Broadbeach Waters and Mermaid Waters but we are finding Mermaid Waters to be stronger at the moment,” Mr Palmer said.
“It’s from a value perspective. The properties you are getting in Mermaid Waters offer similar lifestyle benefits to Broadbeach Waters but at a lower price point.
“For those people who want to live near good schools, parks and have good access to the beach, Mermaid Waters definitely provides that.”
He said with interest rates so low, there had been an influx of buyers from outer suburbs including Robina and Ashmore upgrading to Mermaid Waters.
Christine Tucker, of Harcourts Coastal, had a similar view.
“The 4218 postcode in my eyes is central Gold Coast (and is) close to Pacific Fair, Robina Town Centre and small great schools for young families,” Ms Tucker said.
“The light rail extension from Broadbeach to Burleigh Heads will only push the prices up.”
Source: 4 September 2020 – https://www.realestate.com.au/news/why-everyone-wants-to-live-in-mermaid-waters/