A CONTEMPORARY villa has set a residential price record for Mermaid Waters.
The brand-new home at 36A Avanti St claimed the title from its twin at No. 36 after selling in a $1.875 million deal.
The previous benchmark sat at $1.845 million when its neighbour sold in an off-market deal in May.
The luxurious five-bedroom record holder fetched just under its $1.895 million listing price and was purchased by locals.
JW Prestige Agents’ Jordan Williams and Kurt Gomez inked the deal last week.
“They were local buyers looking to move from the west side of the highway and get a bit of a sea-change,” Mr Williams said.
“They have a young family and really liked that they could have their boat and jetski out the back on the water but also still only be a six minute walk to the beach.
“They also loved the rooftop terrace and quality of the build.”
Mr Williams said there was hot competition for the home with multiple offers made and five buyers vying for the keys. He said Mermaid Waters was “clearly the next hot spot” for the Gold Coast.
“Mermaid Waters is going really well, it’s Broadbeach Waters’ little sister,” he said.
“It’s becoming more and more evident that Broadbeach Waters holds its value and people can see they can potentially get wider water and bigger blocks in Mermaid Waters.”
Mr Williams said buyers were out in force after months of holding back.
They have realised the market won’t crash so were trying to get back in before prices jumped again.
Mermaid Waters’ median house price has increased 10 per cent in the past 12 months and a whopping 43.3 per cent in five years, according to the latest CoreLogic figures. It currently sits at $935,000.