Owners discount Gold Coast home by $2m amid shifting luxury property market

11 Lavarack Rd, Mermaid Beach is on the market at offers over $12m. A Queensland mega mansion has been relisted $2m cheaper, but its builder warns the $12m price tag still falls short of the $14m it would cost to replicate today. The owners of the newly built Gold Coast home in Mermaid Beach initially listed their forever home at $14m ahead of the federal budget, with its property tax changes a hit to confidence. 11 Lavarack Rd, Mermaid Beach. 11 Lavarack Rd, Mermaid Beach. The latest realestate.com.au home price index showed property values on the Gold Coast slipped 0.13 per cent during August – dragging its total quarterly growth into negative territory at -0.72 per cent. Ray White data revealed the city’s median house price dropped to $1.27m while the median unit price hit $874,000. The data showed the number of days properties are sitting on the Gold Coast market has also increased, with houses on for 48 and units for 51. Ray White Senior Analyst Atom Go Tian. 11 Lavarack Rd, Mermaid Beach. Ray White economist Atom Go Tian said the prestige market was the most sensitive during times of uncertainty. “What we see is premium markets dropping first when compared to the more afforda...