Four buyers drive stunning $23m-plus beachfront auction

219-221 Hedges Ave, Mermaid Beach

A pair of identical luxury homes on a prized beachfront block sold under the hammer for $23.445m at the state’s richest auction of the year.

Four buyers drove fierce bidding for the 809sqm parcel at 219-221 Hedges Ave, Mermaid Beach, which was marketed by Kollosche agents, Michael Kollosche and Harry Kakavas.

On the market for the first time in almost 30 years, the distinctive villas were built on property once owned by former Queensland politician and rugby player, John Fihelly.

Four buyers registered for the auction

The villas positioned along the Gold Coast’s richest beachfront strip

Records show the homes last transferred to property developer Leonid Eshchenko in 1998.

Auctioneer Justin Nickerson said the sale was an “epic result”, becoming the most expensive property in Queensland sold under the hammer in 2025, but behind the auction record of $24.8m set in 2023 for a Southport mansion.

Mr Kollosche said the unique holding was “an incredible piece of real estate”, while the sale represented the depth of the beachfront market, where demand outweighed supply despite a spate of recent eye-popping transactions.

An architecturally designed mansion at 127 Hedges Ave changed hands just weeks ago for $27.5m in an off-market deal, marking a stunning uplift from 2021 when it had previously sold for about $15m.

The property had not been on the market in about 30 years

Luxury dual living was on offer at twin four-storey villas

Another holiday house at 75 Hedges on a 405 sqm block was also snapped up off market in September for $11.45m, while in August, a beachfront pile owned by the Smorgons, one of Australia’s wealthiest families, sold for $12.3m.

Features of the most-recently traded villas at no.219-221 included marble finishes, ornate ceilings and hand-painted frescos over each 742 sqm floorplan, with a lift to all levels.

Each villa had four bedrooms, including a top-floor master with walk-in robe, spa ensuite and private balcony, along with a three-car basement garage.

Marble finishes and ornate ceilings were among features

Each villa has a lift, alongside the feature staircase

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“This absolute beachfront allotment is as unique as it is enticing,” according to Mr Kollosche’s listing.

“It offers lavish dual living, a lucractive investment potential or a luxury redevelopment, renovation, or a bespoke rebuild opportunity that capitalises on uninterrupted beach and ocean vistas.”

Mr Kollosche said Hedges Ave, known as Multimillionaire’s Row, was the Gold Coast’s most prestigious beachfront address.

“It’s so tightly held due to the exceptional lifestyle it offers,” he said.

PropTrack data shows house prices in Mermaid Beach were up 10.3 per cent over the past 12 months, to a blistering median of $3.75m.