Mermaid Beach. Picture: Regi VargheseIt is the most expensive suburb on the Gold Coast and the fourth in Queensland — beaten only by Brisbane’s Teneriffe, New Farm and Pallara — and the first time a Gold Coast suburb has broken the $1.5 million threshold.The median house price on the Gold Coast is $640,000.Luke Henderson, director at John Henderson Professionals Mermaid Beach, said demand was out-stripping supply, causing house prices to soar.“We are seeing a lot of people who want to build their dream home here so we’re also seeing a strong demand for properties that hold older houses,” he said.“There are several factors driving people (to Mermaid Beach). The low height limit is a key driver. We have a high owner-occupancy community and you have the redevelopment of the Nobbys restaurant and cafe strip.” People enjoying a swim on the beach, Mermaid Beach. Picture: Regi Varghese Mermaid Beach Surf Club, Gold Coast. Picture: Regi VargheseMore from news02:37International architect Desmond Brooks selling luxury beach villa18 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days agoKollosche Prestige Agents’ Michael Kollosche, who this week sold a beachfront property for $11.6 million, shared a similar view.“It would be anchored off the sales happening on the beachfront but the side streets of Mermaid have also been quite strong,” Mr Kollosche said.“It’s getting very difficult to find shacks in those side streets for under $1.4 million.”He said the lack of stock was causing the market to “grow consistently”. Cyclists along Hedges Ave, Mermaid Beach, Gold Coast. Picture: Regi VargheseIt comes as the Gold Coast’s prestige market emerges as the star performer of 2018 with a flurry of multimillion-dollar sales wrapping up this month.Experts are predicting the boom to continue with over 20 properties changing hands for at least $3 million each this year. BSKT Cafe at Mermaid Beach. Picture: Regi VargheseThe elite million-dollar club on the Gold Coast has increased considerably over the past five years.Other suburbs clearing the $1 million median house value include Broadbeach Waters ($1.1 million), Bundall ($1.05 million), Clear Island Waters ($1.1 million), Paradise Point ($1.0425 million) and Surfers Paradise ($1.35 million) Hot on their heels are Runaway Bay ($985,500), Coolangatta ($955,000), and Tallebudgera Valley ($945,000). Mermaid Beach is the most expensive suburb to buy a house on the Gold Coast.MERMAID Beach house values have soared to a record $1.5 million as cashed-up buyers wrestle to secure prime beachfront property.The latest CoreLogic data shows the median price for houses in Mermaid Beach rose to $1.562 million, a 9.1 per cent increase over 64 house sales in the past 12 months.