Nestled immediately west of Mermaid Beach on the vibrant Gold Coast, Mermaid Waters is a unique residential suburb characterised by its picturesque canal estates and tranquil lakes. The suburb spans approximately 7.1 square kilometers, with 23 parks covering nearly 7.3% of the total area, offering residents ample green spaces to enjoy.
In 2011, Mermaid Waters was home to 11,789 residents. Fast forward to 2016, and the population had grown to 12,042, marking a 2.1% increase during that period. The predominant age group in this idyllic suburb is 40-49 years. Mermaid Waters primarily consists of households led by couples with children, and a significant portion invests $1800 – $2399 per month in mortgage repayments. Over the years, the percentage of owner-occupied homes increased from 64.9% in 2011 to 66.1% in 2016, showcasing the stability and appeal of the area.
Before the establishment of canal estates, the landscape behind Mermaid Beach was flat grazing land with swamps draining into the Little Tallebudgera Creek. The suburb’s unique waterways, including lakes Wonderland and Intrepid, follow the approximate alignment of historical drains. Formally named in 1981, Mermaid Waters emerged as a residential haven in the 1970s-80s, with development extending south of the Pacific Fair shopping center and completing the western section by 1990.
Why we love it:
Mermaid Waters captivates residents and visitors alike with its distinct lifestyle attributes. Families, couples, and investors find solace in the suburb’s access to natural and scenic beauty. The canal estates offer a peaceful waterfront living experience, while the abundance of parks provides spaces for relaxation and recreation.
This suburb is particularly suitable for families, evident in the high percentage of households led by couples with children. The community’s commitment to maintaining green spaces and preserving the integrity of its canal estates contributes to the overall family-friendly atmosphere. For couples seeking a tranquil retreat and investors eyeing a stable market, Mermaid Waters offers a compelling choice.
Development
Mermaid Waters is undergoing a significant transformation, reflecting the Gold Coast’s evolution as a vibrant destination.
Multi-Tower Apartment Development: The Gold Coast City Council recently approved a groundbreaking $2 billion multi-tower apartment development opposite Pacific Fair Shopping Centre. This project not only adds architectural flair but also enhances lifestyle offerings for residents.
Residential Development Boom: Mermaid Waters is witnessing a surge in ‘off the plan’ residential developments, with several high-rise projects recently selling out. This reflects strong demand for modern living spaces in this waterfront community, attracting both local and international buyers.
The Lanes Retail Resort: Approved for development, The Lanes Retail Resort is set within a unique 42-hectare lakeside master-planned community. Spanning 13,962 sqm*, this project promises lively laneways, a fresh food market hall, cafes, restaurants, bars, a beauty and wellness precinct, a premium gym, a recovery center, and a family entertainment center. It offers a unique opportunity for a visionary buyer to create a distinctive retail resort, further enhancing Mermaid Waters’ appeal as a thriving and contemporary community.
Recent Sale November 2023 Sale a Record Breaker
Mermaid Waters continues to solidify its reputation as a highly sought-after locale, with the recent sale of a luxurious newly developed home underscoring the desirability of the area. The architect-designed masterpiece at 43 Markeri Street achieved a record-breaking price for the suburb, selling on November 17, 2023, at a final auction price of $7,300,000. Taylor Kleinberg and Jamie Harrison orchestrated the sale at the auction, where an impressive 206 people attended, 14 registered bidders vied for the property, and 14 written offers were received. Astonishingly, the property spent just 30 days on the market, indicative of the swift pace of demand.
This resort-style residence, spanning 1,222m2, holds a coveted northeast-facing position with an impressive 63.2m of waterfront access. The sale of this property not only set a new benchmark for Mermaid Waters but also underscores the immense value placed on new developments in the area. It reflects the growing appeal of the suburb, drawing attention from discerning buyers eager to invest in the unique lifestyle and contemporary living spaces that Mermaid Waters has to offer. With such notable transactions, the suburb continues to attract attention as a premier destination for those seeking both luxury and a thriving community.
Region Insights: Suburb Insights for Houses in the Last 12 Months
Mermaid Waters unfolds a distinctive real estate narrative, providing insight into its unique charm and evolving market dynamics over the past year.
$1.7M Median Sale Price: Mermaid Waters boasts a median sale price of $1.7M, eclipsing the national average of $485K. This underlines the suburb’s penchant for higher property values, making it an appealing choice for those seeking a blend of luxury and lifestyle.
3.06% Median Sale Price Change (1yr): In contrast to the national trend of a 4.30% increase in median sale prices, Mermaid Waters experienced a modest 3.06% change in the past year. This nuanced shift may indicate a localized market adjustment or a specific trend within the suburb’s housing market.
$1,250pw Median Rent: The median rent in Mermaid Waters stands at $1,250pw, surpassing the national average of $395pw. This reflects a robust demand for rental properties within the suburb, attesting to its desirability.
3.6% Median Gross Yield: Despite a slightly lower gross yield compared to the national average of 4.24%, Mermaid Waters remains an attractive prospect for property investors due to its relatively higher rental rates and potential for growth.
Properties Sold in Last 12 Months: A total of 175 properties changed hands in the past year, indicating a steady level of market activity within Mermaid Waters.
Average Days on Market: Properties typically spent an average of 56 days on the market, signaling stable demand with a relatively shorter timeframe for property sales within Mermaid Waters.
These statistics offer a nuanced portrayal of Mermaid Waters’ housing market. While there has been a modest change in median sale price, the suburb maintains its allure with higher-than-average property values and rental rates. The steady market activity underscores sustained interest in this canal estate haven, highlighting its blend of luxury, lifestyle, and potential for investment.
Data within this article has been sourced from Core Logic. Published 20 Jan, 2024
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