For decades, waterfront living has defined the Gold Coast’s identity and, consequentially, the property market.

Riverside estates with private pontoons and beachfront homes with ocean views have long held sway among buyers and commanded the highest price premiums.

However, a paradox is quietly unfolding, where dry blocks are now achieving outstanding sales results, in some cases trumping waterfront prices, depending on location.

The central and highly sought-after suburbs of Mermaid Beach and Mermaid Waters are excellent examples of where dry blocks are outperforming in the market.

A contemporary family home at 13 Tamborine Street, Mermaid Beach, transacted for $6,250,000, setting the record for a single block in the suburb, despite being in a side street without ocean views.

Buyers were attracted to the suburb’s exclusivity and the regeneration of surrounding amenities, which will deliver to residents an elevated lifestyle while still being just steps from the beach.

In neighbouring Mermaid Waters, 19 Fairsky Avenue recently fetched the second-highest price for a dry block at $3,300,000, a result which exceeded even some comparative waterfront sales.

So, why the sudden change of heart towards dry blocks? Increased interstate migration paired with limited availability of quality housing has intensified buyer competition for all stock across premium suburbs.

While waterfront homes remain aspirational, supply is fixed, making dry blocks that are close to the beach or within tightly held pockets the next best option for buyers seeking location and long-term value. Today’s buyers would prefer to purchase closer to the beach or Main River than move further out just to gain a water outlook.

The shift is not only about availability and affordability, it’s also about liveability. Waterfront homes offer undeniable advantages, yet they come with trade-offs, such as higher insurance premiums and increased maintenance.

In suburbs such as Mermaid Waters, dry blocks often have larger footprints, greater privacy, and more freedom in design, while still being minutes from the coast – ultimately offering an elevated lifestyle without constraints.

The buyer pool is also evolving. Families wanting more space, downsizers seeking modern, low-maintenance homes, and prestige buyers who value architecture and amenity are increasingly willing to pay for quality, regardless of whether it comes with direct water access.

Sales agent Taylor Kleinberg, who sold 19 Fairsky Avenue, says the interstate buyer’s preference was to secure a quality property surrounded by key amenities over a waterfront home in need of a renovation.

“There is growing recognition that some suburbs hold value far beyond waterfront appeal,” Taylor says.

“As the market matures, buyers are prepared to look beyond the shoreline but still pay top-dollar for the right house in their preferred location,” he says.

“A dry block in a suburb that offers tranquillity, access to parks, and quick movement between the beach and a choice of amenities is proving to have unprecedented pulling power in today’s market.”