The property at 16 Hilda St, Mermaid Beach sold under the hammer for more than $1.7 million at the weekend.SWELTERING conditions did little to deter house hunters from descending on Mermaid Beach in the hope of snapping up a classic beach shack at auction on Saturday.While hundreds of people were cooling down in the surf, about 70 others were fighting for a spot in the shade at the front of the Hilda St property.There were 10 registered bidders vying for the three-bedroom house just metres from the beach. It has three bedrooms and two bathrooms.“Being low-rise and so close to everything, it offers a pretty phenomenal lifestyle.”He said buyers were willing to spend millions of dollars for property in the area as they were such good investments.“They’re not buying it as a short term plan,” he said.It comes a week after another older Mermaid Beach property a few streets south on Hedges Ave sold under the hammer for $1,771,500. There was fierce competition for the dated brick house, which was snapped up by a Melbourne buyer.Prior to that, the deceased estate last sold in 1956.Meanwhile, an old Currumbin Waters property also sold at auction last week.The Prudhoe Place house sold under the hammer for $830,000. It is the first time it has had a new owner in almost 40 years.Property records show the 941sq m block with 21m of water frontage last sold in August 1979 for $19,500.Marketing agent Matt Arnold, of Ray White Gold Coast South Network, said it was “authentically original right down to its psychedelic wall paper and green ceramic kitchen tiles”. The classic beach shack is just metres from the beach. MORE NEWS: Outside-the-box design sets mansion apart It’s been updated inside to give it a more modern style.The auction kicked off with a bid of $1.45 million before quickly climbing to $1.7 million.Bids in $1000 and $5000 increments slowly raised the price to $1.721 million when the hammer came down.A local buyer who was bidding by phone made the final bid.London Estate Agents principal Ron London, who marketed the property, said the new owner had big plans for the highly sought-after site.“They’ll eventually build their dream home there in the next couple of years,” he said.Property records show the house was built in 1960 and last sold in November 1999 for $403,000.MORE NEWS: Why rents on the Coast are going up Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:58Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:58 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD576p576p360p360p216p216pAutoA, 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 Rate1xFullscreenWhy location is everything in real estate01:59 The north facing character home is on a 438sq m block and has an open floorplan, high ceilings and an updated kitchen.More from news02:37International architect Desmond Brooks selling luxury beach villa12 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days agoIt was on the market for about a month before it went to auction.“It’s been a great campaign with lots of interest,” Mr London said.“We had a lot of social media traction as well.”He said it was becoming harder to find classic beach shacks in the area as many had been replaced with million-dollar mansions or townhouses.“It’s a rare offering,” Mr London said. The kitchen has also been updated.