Oodie creator Davie Fogarty has paid $5 million for a waterfront Hamptons-style home in Mermaid Waters as he shifts from Adelaide to the Gold Coast. The 31-year-old bought a 2021-built, four-bedroom house on a 797sqm north-facing block with a pool, alfresco kitchen and private pontoon. Fogarty, whose sleepwear brand has recorded about $600 million in sales, said he wanted to join the Gold Coast’s entrepreneur scene and escape Adelaide’s cold winters. The purchase arrives as Mermaid Waters attracts high-end builds and prices, with the suburb’s median house value up about 13.7 per cent over the past year.

Deal details and the house

Fogarty paid $5 million for a modern Hamptons-style home in Mermaid Waters. The property sits on 797 square metres and faces north. It has four bedrooms, ceilings about three metres high, and custom joinery including a wet bar.

The living areas open through bi-fold doors to an entertaining terrace. The terrace includes an outdoor kitchen and a heated pool that overlooks the water. A private pontoon gives direct river access. The home was completed in 2021 and listed as a high-spec build by the team who developed Fogarty’s house.

Why Fogarty moved

Fogarty has built his fortune selling a wearable blanket called the Oodie. Forbes Australia says the brand has generated about $600 million in sales and estimates Fogarty’s personal net worth at about $150 million. He’s also a former Shark Tank Australia judge and runs other business ventures.

Fogarty told viewers in a YouTube update he wanted to surround himself with other entrepreneurs. "The entrepreneurship within the Gold Coast is huge," he said.

"I’m just trying to surround myself with really good people, absorb all of that energy, but more importantly I’m trying to get away from the freezing cold winters."

He left behind larger properties in South Australia. In 2023 he bought a four-hectare block in the Adelaide Hills for $4.35 million, and that same year sold his Glenelg South home for $3.8 million.

Local market context

Developers and agents say Mermaid Waters has been shifting toward higher-end housing. Shane Wynhoven, of Hoven, said the suburb had become a draw for entrepreneurs who want both lifestyle and a high-quality home base. "Mermaid Waters has definitely become a magnet for entrepreneurs wanting to enjoy the best of the Gold Coast from a really well-appointed home base," he said.

Taylor Kleinberg, of Kollosche, described the suburb’s change as "extraordinary". He said older brick and tile houses were being replaced by architectural builds. The shift is drawing new buyers, including families and professional couples, he added.

Mastheads

PropTrack data cited by agents shows the median house price in Mermaid Waters has risen about 13.7 per cent in the past 12 months to $2,104,000. The agents marketing a nearby Hoven build have taken a new house to auction on May 22 as they try to attract another prestige buyer.

Who else has moved in

The Wynhovens’ local projects sit among homes owned by other high-profile entrepreneurs. Kayla Itsines, the fitness app founder, paid $13 million for a Gold Coast property in March. Influencer Tammy Hembrow and fitness entrepreneur Tobi Pearce are also among the entrepreneurs who have put down roots on the coast. Streetwear founder Simon Beard is another noted local figure.

Those sales and high-profile moves have helped firm demand for riverfront and designer homes. Sellers and builders say the area now attracts buyers who value both design and a setting that supports business networking and lifestyle.

Fogarty’s business path began with several early ventures. He has described selling Instagram pages and running small retail experiments before finding a product that scaled. He has said a weighted-blanket business he launched generated about $10 million in its first year, and the Oodie followed after that initial success.

Forbes Australia put Fogarty on its 30 Under 30 list and reported he aims to grow his retail business further. The Oodie’s sales figure and Fogarty’s move to a coastal hub show how e-commerce wealth is translating into property demand for lifestyle precincts.

Builders working on Mermaid Waters projects are actively marketing to buyers who want premium finishes and waterfront access.

Shane Wynhoven, of Hoven, said buyers are looking for houses that are both well built and photo-ready for social and business life. He said the aesthetic matters for people who host clients or run public-facing brands from home.

Agents are pitching a mix of five-bedroom family homes and high-end four-bedroom riverfront houses. The Wynhovens’ new listing at 47 Markeri Street is being presented as one such offering. It has five bedrooms, an office, a five-car garage and a heated pool, and includes a pontoon that connects to the main river.

That kind of product is being targeted at buyers who want space for family life alongside facilities that support events and entertaining. Developers argue that the shift in housing stock is changing the buyer base and lifting price benchmarks.

Premium sales like Fogarty’s shift the sales mix toward higher price points. That changes local medians when more high-end homes trade. It also encourages builders to offer more architect-designed projects and to include lifestyle features such as pools and pontoons.

Agents say that brings more affluent buyers into suburbs that previously had a larger mix of older housing. The result is often a faster turnover of well-appointed homes and a stronger market for newly built high-spec properties.

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The Wynhovens’ new house at 47 Markeri Street goes to auction on May 22.

This article was created with AI assistance.