First published 20 Oct 2026, 5:56pm
46 Markeri St, Mermaid Waters has sold under the hammer
A termite and mould-damaged “renovator’s delight” held by the same family for 30 years has sold under the hammer for $2.648m.
Three bidders vied to take on the waterfront estate at 46 Markeri St, Mermaid Waters, a 1148sq m parcel with a whopping 62m of water frontage in one of the Gold Coast’s most exclusive locations.
The sellers, two sisters-in-law from a prominent local family, had lived in the five-bedroom, five-bathroom property for three decades, finally resolving to let it go as its maintenance became overwhelming.
Kollosche marketing agent Gypsea Youngsmith said the home had languished on the market for a year with another agent prior to the auction campaign.
Stunning outlook with 62m of water frontage
“They were really keen to move on and depart as two separate families. As much as they loved living there, it was two women trying to maintain a big, beautiful house,” Ms Youngsmith said.
Ms Youngsmith said the three-week campaign drew 55 inquiries and 26 inspections, with prospective buyers provided with information outlining “typical Queensland weather damage” to the expansive property, including mould, wood rot and termites.
“We had a building and pest inspection done because the house was original and was in need of TLC,” she said.
“It was definitely a renovator’s delight or a knockdown … we wanted to be very transparent about it.”
Three bidders were active at the auction
A local buyer from the agency’s database secured the keys.
“We have a good relationship with her and she is always looking for properties that have a lot of potential to add value in the future,” Ms Youngsmith said.
The agents also engaged Gold Coast building designer Jayson Pate to draw up plans to showcase the block’s potential.
Until then, the dual-occupancy layout, with two kitchens and two laundries under a distinctive high-pitched gable roof, will serve as a lucrative asset. Rent was estimated at between $2000 and $2200 a week.
Ms Youngsmith said the strong auction result proved there is still confidence in the local market for the right properties.
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“A slight downturn allows people to buy more assets with less competition,” she said.
“The people who are buying now are going to have the opportunity to make a lot of money in the future.”
The house was located just 600m from the beach with features including a private boat ramp and waterside pool along with a cabana, wraparound alfresco terrace, and off-street parking for seven cars.
Realestate.com.au data shows a typical house in Mermaid Waters costs $2.4m, up 21.5 per cent since last year.
The property was held by the family for 30 years
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