Buyers splashing million on Gold Coast property at auction

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The Hope Island residence at 2595 Gracemere Circuit North sold under the hammer.

CASHED-UP buyers are splashing millions of dollars at property auctions across the Gold Coast as the summer selling season continues its red-hot run.

A Hope Island street is expecting an influx of new residents after two waterfront mansions sold for multimillion-dollar prices under the hammer.

A five-bedroom residence at 2595 Gracemere Circuit North sold for $3.975 million earlier this month while just down the street No. 2580 sold for $3.475 million last week.

Agents Nikki Dunlop and Mark Carew, of Professionals Vertullo Real Estate, took both properties to auction.

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They said it was a price record for a property sold under the hammer at Hope Island.

Ms Dunlop said the buyer of No. 2595 stepped inside the property hours before he bought it.

“It was actually a local buyer who also already owns property on Gracemere,” she said.

“He literally walked in on the day of the auction and purchased.”

It fetched $3.975 million at auction

The five-bedroom residence last changed hands for $1.4 million in 2010.

She said the property appealed to motoring enthusiasts with its 12-car basement garage as well as boaties being on the waterfront.

“We had 71 groups through which was a really good response particularly at that end of the market.” she said.

Meanwhile, a Gold Coast family snapped up 2580 Gracemere Circuit North for $3.475 million.

It was $225,000 more than it sold for two years ago.

“That particular property had Mediterranean finishes,” Ms Dunlop said.

“It’s a really great family home and of course it’s on the main water.”

Ms Dunlop said Gracemere Circuit was a hotspot among buyers.

“Gracemere is definitely one of the most sought-after streets in Hope Island Resort as it has a large variety of properties,” she said.

“It’s a beautiful estate and it’s really good to see the amount of local interest.”

Mr Carew said buyers were seeing great value in properties at Hope Island.

“There’s value there for anybody upgrading,” Mr Carew said.

“Hope Island and all the prestige areas including Sanctuary Cove and Sovereign Islands have plenty of value as these homes have not recovered since the GFC.

“We also never had the price increases of Sydney or Melbourne which is why people are seeing significant value.”

“If these houses were on the water in Sydney or Melbourne they would be three times the price.”

On the southern Coast, a sub-penthouse in the Element building at Burleigh Heads sold under the hammer for $3.15 million.

Agent Katrina Walsh, of Harcourts Coastal handled the sale.

The whole-level apartment is on the 12th floor and features an oceanfront balcony, media room, wine room and lift access.

The Burleigh Heads apartment at 35 106-108 The Esplanade also sold under the hammer.