The Mermaid Waters house, which was in need of some TLC, fetched a big price under the hammer.IT was the ideal auction – a big crowd, several bidders competing for the keys and a sale price that soared above expectations. The dated Mermaid Waters property, which went under the hammer on the weekend, drew a crowd of 130 to watch the auction action. MORE NEWS: Why Andrew Winter’s home popsMORE NEWS: Speedy sale for pricey property in cheap suburb Sixteen prospective buyers registered to bid, with nine actively participating. The auction opened with a “cheeky” $795,000 from the eventual buyers and was fast paced for 20 minutes until the hammer fell at $1.254 million. The four-bedroom home at 18 Sundowner Court sold $200,000 above reserve. The four-bedroom house at 18 Sundowner Court, Mermaid Waters, sold for $1.254 million. It fetched $200,000 above reserve.Agent and auctioneer Mitch Palmer, of Ray White Broadbeach Waters, said the lack of stock in Mermaid Waters was pushing prices up and lead to competitive auctions in the area. “My records show that 76 per cent of first bidders go on to win the property,” he said. Mr Palmer said the buyer was from Sydney, with interstaters often outbidding locals as their perception of the market and value for money differed. More from news02:37International architect Desmond Brooks selling luxury beach villa9 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag1 day agoA buyer from Sydney secured the keys. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:19Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:19 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenBest TV show room remakes01:19 The waterfront house was marketed as a “renovator” and featured retro decor, 20m of river frontage, city skyline views and a pool. The 804sq m property last sold for $712,000 in 2005. Mermaid Waters’ median house prices has jumped 10 per cent in the past 12 months and skyrocketed 43.4 per cent in five years to $935,000, according to CoreLogic data. It’s among the Gold Coast’s top 10 suburbs for growth in the past year.