A long-term Noosa real estate agent says wealthy homebuyers are now more inclined to open their wallets for units in the area.
Richardson and Wrench’s Frank Milat, who has worked in the local property market since the 1980s, said the tourist town’s reputation was on the rise.
A one-bedroom 100sqm penthouse on Hastings Street, with a price tag of $6 million, has attracted significant interest from prospective buyers around the country, as they jostle for a small slice of paradise.
“The street is only 600m long and you can only buy along 450m of it, so it’s very tightly held,” he said.
“And penthouses rarely come on to the market there: only every 12 to 24 months.”
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No.307/71 Hastings Street is within the renovated Netanya complex, which is in prime position at the eastern end of the holiday strip.
“Where else do you get (access to) a national park, a river and a north-facing beach?” Mr Milat said.
He said he expected the property to sell “fairly shortly.”
“It is probably the most expensive one-bedroom apartment on the beachfront but it’s the one getting most of the interest,” he said.
“They (prospective buyers) will pay big money for quality properties.”
Mr Milat said many people were prepared to pay a fortune to secure a Hastings Street apartment, which could be used as a holiday home and/or for holiday letting.
“High tariffs and high occupancy give you a stronger return there than possibly at any other location on the (Australian) coast, let alone in Queensland,” he said.
He said the area’s growing stature continued to attract rich-listers, which in turn lured more big spenders and contributed to higher property prices.
“It (the region’s potential) has now been recognised, with the likes of Gina Rinehart coming here and buying property,” he said.
“Over the last five years, wealthy people have decided to come here and buy here, and I think that’s made it more appropriate to come here and buy here.
“Everybody now feels more confident spending more money on Hastings Street property, because of some of the big spending that has happened in the region, including $34m and $28m homes at Sunshine Beach.
“We (R&W Noosa) sold a house on Noosa Parade for $27m.
“Those sorts of numbers make one-bedroom apartments on the beachfront for $6m a lot more palatable to buyers.
“The wealthy buyers that come here and buy those sorts of apartments can justify it.
“If a house is worth $30m they don’t have a problem buying an apartment for $6m.”
Mr Milat said R&W Noosa had sold four penthouses in Netanya for more than $5m each.
“It’s not a one-off. It’s an established price,” he said.
“We sold a two-bedroom apartment at Tingirana, with no rooftop, for $9m.”
Auction results
39 Point Cartwright Drive, Buddina
- Sold prior to auction for $1.6m
- 5 Bed, 3 Bath, 2 Car
- Fletcher Riley, Rebecca Fletcher and Alan Riley
8 Lauren Drive, Buderim
- Sold under the hammer for $1.1m
- 4 Bed, 3 Bath, 3 Car
- Ray White (Buderim), Daniel Hamblin and Brodie Rodgers
18 Lawley Street, Dicky Beach
- Sold under the hammer for $1.63m
- 3 Bed, 2 Bath, 2 Car
- Ray White (Caloundra), Andrew Garland
1007/38 Mahogany Drive, Pelican Waters
- Passed in, now on the market for offers over $890,000
- 3 Bed, 2 Bath, 2 Car
- Ray White (Caloundra), Tom Garland
1104/75 Landsborough Parade, Golden Beach
- Sold under the hammer for $1.45m
- 3 Bed, 2 Bath, 2 Car
- Ray White (Caloundra), Ray Daniels
89 Westminster Avenue, Golden Beach
- Passed in, now on the market for offers over $850,000
- 2 Bed, 1 Bath, 1 Car
- Ray White (Caloundra), Ray Daniels
3/7 Box Street, Buderim
- Passed in at $910,000, now on the market for $960,000
- 3 Bed, 2 Bath, 2 Car
- Ray White (Kawana), James Goldsworthy and Simon Hearn
95 Alfriston Drive, Buderim
- Sold under the hammer for $1.16m
- 4 Bed, 2 Bath, 1 Car, Pool
- Ray White (Kawana), James Goldsworthy and Ryan Cramer
8/10 Grand Parade, Kawana Island
- Passed in for $900,000, on the market for $995,000
- 3 Bed, 2 Bath, 2 Car
- Ray White (Kawana), Will Van den Dungen
5/9 Douglas Street, Mooloolaba
- Sold prior to auction for $670,000
- 2 Bed, 1 Bath, 1 Car
- Ray White (Kawana), Will Van den Dungen
6 Montage Court, Buderim
- Sold under the hammer for $925,000
- 3 Bed, 2 Bath, 2 Car
- Ray White (Buderim), Katy Stevenson
19 Mooloolah Drive, Minyama
- Sold under the hammer for $1.905m
- 4 Bed, 3 Bath, 2 Car, Pool
- Ray White (Kawana), Will Van den Dungen and Brent Higgins
9 Causeway Court, Mountain Creek
- On the market for 850,000
- 4 Bed, 2 Bath, 2 Car
- Ray White (Maroochydore), Lachie Woods
1/10 Boorook Street, Buddina
- Passed in for $2.5m, contact agent
- 3 Bed, 3 Bath, 2 Car, Pool
- Ray White (Kawana), Ryan Bradeley
51 Old Orchard Drive, Palmwoods
- Sold prior to auction for $$880,000
- 3 Bed, 2 Bath, 2 Car
- Ray White (Buderim), Chevonne Rees
18/39-43 Cootamundra Drive, Mountain Creek
- Sold under the hammer for $592,000
- 2 Bed, 1 Bath, 1 Car
- Ray White (Mooloolaba), Brent Higgins
9 Girraween Street, Warana
- Sold under the hammer for $1.356m
- 4 Bed, 2 Bath, 2 Car, Pool
- Ray White (Kawana), James Goldsworthy and Simon Hearn
59 Deloraine Drive, Buderim
- Sold under the hammer for $1.105m
- 3 Bed, 2 Bath, 2 Car, Pool
- Ray White (Maroochydore), John Bartsch
5 Red Ash Court, Palmwoods
- Sold prior to auction for $1m
- 4 Bed, 2 Bath, 4 Car, Pool
- Ray White (Buderim), Chevonne Rees
11 McGilchrist Road, Eudlo
- Passed in at $650,000, now on the market for offers over $690,000
- 3 Bed, 1 Bath, 2 Car
- Ray White (Buderim), Kathryn Willshire’
12 Quayline Close, Pelican Waters
- Passed in, now on the market for $$3.75m
- 5 Bed, 3 Bath, 3 Car
- Ray White (Pelican Waters), Rebecca Osenton
3 Robe Street, Currimundi
- Passed in, now on the market for $ 2.3m
- 4 Bed, 2 Bath, 4 Car
- Ray White (Pelican Waters), Dwight Ferguson
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