Suburb where houses are hitting $1.5 million

PHOTO: Mermaid Beach. Picture: Regi Varghese Source: News Corp Australia

MERMAID Beach house values have soared to a record $1.5 million as cashed-up buyers wrestle to secure prime beachfront property.

The latest CoreLogic data shows the median price for houses in Mermaid Beach rose to $1.562 million, a 9.1 per cent increase over 64 house sales in the past 12 months.

t is the most expensive suburb on the Gold Coast and the fourth in Queensland — beaten only by Brisbane’s Teneriffe, New Farm and Pallara — and the first time a Gold Coast suburb has broken the $1.5 million threshold.

The median house price on the Gold Coast is $640,000.

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