$3 million knockdowns set new benchmark in hot beachside suburb
A staggering new benchmark has been set with the sale of Brisbane Lions legend Marcus Ashcroft’s side-street property.
The $3.05 million sale of a knockdown block of flats owned by AFL legend Marcus Ashcroft has set a staggering new benchmark in the side streets of blue-chip Mermaid Beach.
Former Brisbane Lions player and Gold Coast Suns coach Ashcroft and his wife Rebekah flicked the 405 sqm block at 33 Seashell Ave, on the same day a 1970s shack at 68 Petrel Ave also sold under the hammer for $3m.
Together, the sales show the nickname, Multimillionaire’s Row, once bestowed on the beachfront, now fits anywhere east of the highway in the sought-after Glitter Strip suburb.
Malan + Co agent Conner Malan said that while homeowners once aspired to live beachfront, many were now content with properties within walking distance to the water.
“Historically, those kinds of blocks closer to the Gold Coast Highway would not perform,” Mr Malan said.
“It wasn’t too long ago that we could not get rid of a very similar block for $1.1m, and now entry-level properties in Mermaid Beach are $3m.
“Owners in Mermaid Beach have been willing to trade consistently because they progress into a beachfront block, but the leap from a beachside block to the beachfront is astronomical – it’s a jump from $3-4m to $10-11m.”
The Ashcrofts bought the Seashell Ave property for $2.474m in 2021, following the sale of their riverfront home in Carrara for $4.1m.
Marcus Ashcroft was the first Queenslander to play 300 games for the AFL and three premierships for Brisbane over a 15-year career, and served as Suns football manager for 10 years.
He now heads up a Lions family dynasty, with 20-year-old son Will a mid-fielder for the club, and Levi, 18, also a top draft pick under the father-son rule in 2024.
The median house price at Mermaid Beach has risen 20.8 per cent to $3.45m in the past 12 months, according to PropTrack.
And while an entry-level property isn’t far below that figure, the beachfront is lined by mansions which trade for about six times more.
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Investors like mining magnate Clive Palmer, who dropped $70.95m on Hedges Ave properties in the past year, have contributed to the area’s rise. Originally dubbed Millionaires’ Row, Hedges and Albatross Avenues are now recognised as Billionaire’s Row due to skyrocketing prices.
Since February 2024, a total of 36 properties have transacted in the area, including seven priced at $10m and above.
“The blocks close to Hedges have become so tightly held that you either pay a huge premium or lock them up off market, so more people are willing to invest in a new build back from the beach,” Mr Malan said.
Interstate demand continues, particularly from Melbourne, where controversial new land taxes are driving owners out, but Mr Malan said most buyers were locals who already owned property in the suburb.
The Melbourne buyer of Seagull Ave was the sole interstate buyer from five bidders across both recent auctions.
“Even though the two houses were liveable, people are looking to knock them down because of the position,” Mr Malan said.
Fellow Malan + Co agent Dan Donovan said the suburb median would continue to climb as dream homes popped up further back from the beach.
“What we are seeing is quite old beach shacks with no real heritage value being replaced with beautiful, architecturally designed homes that do indeed improve the area,” Mr Donovan said.
Originally published as $3 million knockdowns set new benchmark in hot beachside suburb
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