A sprawling Gold Coast beachfront mansion has shattered Queensland’s residential property records, selling for a staggering $43 million.
The historic landmark deal closed in record time, with a buyer found within 48 hours of hitting the market.
The successful buyer, a local Gold Coast businessman who has not been named, secured what is widely considered one of the crown jewels of Australian coastal real estate.
79-83 Hedges Avenue, Mermaid Beach QLD 4218
Launched to the market with an asking price of $47.5 million, the trophy six-bedroom Mermaid Beach property immediately aroused strong local and international interest.
The property attracted six strong offers before the $43 million deal was sealed late on Saturday evening. The buyer’s identity has not been disclosed.
The sale cemented Hedges Avenue’s status as Queensland’s most coveted “Millionaire’s Row”, highlighted by record-breaking luxury property sales and multimillion-dollar listings.
High-profile figures, including mining magnate Clive Palmer, have invested heavily in the strip, including a $28 million purchase at 41-45 Hedges Avenue and a $26 million vacant block at 141 Hedges Avenue.
Janelle Estreich of Kollosche has confirmed that the controversial billionaire was not involved in the record-breaking $43 million sale.
“I think naturally people’s minds turn to Clive whenever there’s a big sale in the area but I can confirm he is definitely not involved in this one,” she says.
The sale suggests the luxury property market operates independently of broader economic conditions, continuing to see record transactions even when mainstream markets struggle.
The Mermaid Beach result comes in the same week that a Queensland apartment set a price record with the $32 million sale in neighbouring Miami.
Selling agent for both sales, Michael Kollosche of Kollosche , says the series of high-value transactions in the area reflects the long-term appeal of scarce beachfront property.
“These buyers aren’t making decisions based on where interest rates might be next month or short-term fluctuations in property prices. They’re looking decades ahead and recognising the value of owning something truly exceptional.
“These results are a powerful reminder that even in challenging markets, exceptional properties continue to attract exceptional buyers.”
The Hedges Avenue residence was built in 2011 by the Morris property development family, who acquired the original lots in 2006-2007 for $19.55 million before demolishing the existing structures to construct the coastal masterpiece.
Occupying a rare triple beachfront allotment, the six-bedroom residence spans 2241 square metres on a 1212-square-metre elevated north-facing corner site, with 30 metres of absolute beach frontage.
The home features an infinity pool overlooking the beach, with a second pool and spa sitting on the rooftop, offering sweeping views of the coastline and Gold Coast skyline.
There’s also a cinema, wine cellar, two offices, a lift, a kitchen with a butler’s pantry and enough basement parking for 12 cars.
Kollosche estimates that recreating the home today, including the price of the land, would cost a buyer between $65 and $70 million.
He says the recent luxury sales results demonstrate continued demand for premium beachfront properties despite more challenging conditions across the broader residential market.
“What makes these results particularly significant is the environment in which they’ve been achieved,” he said.
“Buyers are more discerning, confidence across the broader market has been tested, and yet we’re seeing exceptionally strong demand for properties that offer genuine scarcity, quality and long-term value.
“Both purchasers [of the record breaking house and apartment properties] are local, successful businesspeople who understand the Gold Coast market and recognise the opportunity to secure assets that simply cannot be replicated.”
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