Price Ceiling Smashed in ‘272 Hedges Avenue’ Building

February 17 2023

Resales in the salubrious and sought-after residential-only tower on ‘Multi-Millionaires’ Row’ continue to break price records.
Price Ceiling Smashed in ‘272 Hedges Avenue’ Building

The record price paid for an apartment in the landmark ‘272 Hedges Avenue’ building in Mermaid Beach was reset last week by a $12,000,000 sale.

Kollosche sales agent Harry Kakavas, working alongside managing director and sales agent Michael Kollosche signed a deal for the stunning 650m2 four-bedroom, four-bathroom penthouse, which is one of only four in the building.

4201/272 HEDGES AVENUE | Kollosche

Located on level 42 of the 44-storey tower, the apartment was bought by an existing Mermaid Beach resident introduced by sales agent Danny Stanley, with the price achieved almost double the $6,989,856 paid by the sellers when they acquired it off-the-plan in 2021.

While many owners have moved into their residences in the building, the Canberra-based sellers of 4201/272 Hedges Avenue never lived in the apartment, so it remains in new condition.

Kollosche agents have achieved some excellent resale results within the building since its completion last year.

In December, Michael and Harry sold an apartment on level 27 for $9,700,000, which set a record at the time at $17,933 a square metre. The most recent sale supersedes that, coming in at $18,461 a square metre.

4201/272 HEDGES AVENUE | Kollosche

Mermaid Beach is currently the third most expensive market in Queensland. CoreLogic data for the year to the end of January shows that the median house price sits at $2,580,000, second only to Sunshine Beach on the Sunshine Coast, and the inner-Brisbane suburb of Teneriffe, where the median price is $3,100,000 and $3,050,000 respectively.

Premium result at Runaway Bay auction

Kollosche continues to achieve premium results at auction with a deceased estate in Runaway Bay drawing high levels of enquiry and spirited bidding.

Located at 11 Runaway Bay Avenue and set only 200m from the Broadwater, sales agent Corey Bedford said properties in this location were very tightly held, and the property’s potential for renovation or development made it an attractive proposition to a wide buyer demographic.


To capitalise on this, Corey undertook a comprehensive four-week marketing campaign targeting print, social and digital media, which gleaned 157 enquiries, 97 individual group inspections, and 22 registered bidders.

On auction day bids came thick and fast from eight active buyers, who placed more than 44 bids between them before the hammer was brought down at $1,441,000.

The result far exceeded expectations and illustrates the premium results that can be achieved through a successful marketing campaign run by an experienced agent.


“The property offered a lot of different options appealing to a wide range of buyers,” Corey says.

“Being so close to the Broadwater, the location is very tightly held. Properties do not come up in this area very often, so when one does, it does grab attention.

“Because of this we didn’t skimp on the marketing, The result shows the pulling power of a successful campaign and the unexpected results that can be achieved when people are bidding with emotion,” Corey says.

If you are considering selling, reach out to a specialist Kollosche agent for a conversation around how to best position your property for a premium result.

Subscribe to Kollosche news