One of the most elite streets on the Sunshine Coast is continuing to smash property records, despite the softening impact of recent interest rate rises.
Demand from cashed-up buyers remains strong for Minyama Island, one of the most exclusive streets on the Coast, inside one of the most high-end suburbs.
ELITE Lifestyle Properties at Minyama recently broke the record for the luxurious neighbourhood, with the $12 million sale of 9 Minyama Island.
The 1700sqm riverfront property was on the market for about three weeks and attracted “multiple offers” before selling to local buyers looking to upgrade.
The agency has also just listed 15 Minyama Island which is expected to attract similar bids to 9 Minyama Island, potentially achieving almost three times what it sold for in 2018.
The huge 1500sqm waterfront property has a grand circular driveway which sweeps past the imposing facade, a curving internal staircase, gym and sauna.
ELITE Lifestyle Properties holds the top five property records for Minyama.
Director Jordan Lund said property hunters with money, especially from the cold southern states, were helping “shield” the top-end of the market.
Mr Lund said while he believed the market had “stabilised” in recent months, demand for luxury properties remained “very strong”.
The Sunshine Coast is now one of Australia’s most expensive regions outside of a major city and recent sales in the extreme blue-chip suburb of Minyama have reinforced that.
The agency recently sold 8 Cypress Court (pictured above) for $6.25 million — a record for a Minyama canal property — to local buyers after it was on the market for just five days.
The state-of-the-art home is set over four levels and is configured to take full advantage of its 19m private deep-water position.
“The Sunshine Coast market — which has been white-hot for some time — has lost a little bit of its heat,” Mr Lund said.
“High-end demand though remains very strong, and no doubt this will help “shield” the region from any downturn being experienced in other parts of the country because of changes to interest rates.
“If anything, we’re noticing some stock is staying on the market a bit longer these days – but that hasn’t stopped prices from rising, with vendors securing great results for their properties”.
Mr Lund said he’d noticed an increase in discerning buyers from down south at recent open houses.
“And who’d blame them – they’re looking to escape the cold by buying large properties in exclusive estates right on the beach or the river where they can enjoy our wonderful lifestyle, which is known on the world-stage,” he said.
Mr Lund said there tended to be “a bit of a run on the market” when interest rates started to move as people tried to get in at the last minute to lock in low home loan rates.
REIQ Sunshine Coast zone chair Matt Diesel said the market had gone from “nuts” to “normal”, with fewer people competing for the scant properties available.
He said the days of 20-way offers had cooled off, but homes were still attracting two to three buyers who were making strong offers and breaking records.
Mr Diesel said southern investors with plenty of money still viewed the Coast as good value which was one reason the market had not fallen like other parts of the country.
One of the biggest changes was the number of days on the market, as homes took longer to sell than at the height of the rush.
