A two-bedroom apartment in a Sunshine Coast beachfront enclave has set a new sales record for its category.
Apartment 17 at Fairshore Noosa Resort on Hastings Street has sold for $7.425 million after four months on the market.
“It’s a record for two-bedders on the Coast,” Richardson & Wrench Noosa agent Shane McCauley said.
“It’s over $86,000 for a square metre of real estate, which is exceptional.”
The ground-floor apartment includes two bedrooms, two bathrooms, one car space and direct access to Noosa Main Beach. It was sold fully furnished and will continue to operate as a holiday letting property.
Mr McCauley said the property’s beachfront position was a key factor behind the result.
“A property like this always sell at a premium price and isn’t generally knocked around by the broader market conditions,” he said.
The apartment last sold in November 2019, when Mr McCauley also handled the transaction through Richardson & Wrench Noosa. It changed hands at that time for $3.625 million.
The previous owner was based in Brisbane and held the apartment as an investment. The latest buyer, from Melbourne, has also purchased the property as an investment and plans to use it as a holiday letting apartment.
The apartment was sold by private treaty.
“There was a lot of inquiries, but there’s not a lot of buyers at that level in general,” the agent said.
The apartment had undergone renovations since the previous sale and had continued to generate income through holiday letting.
“The gross is about $375,000, and the last valuation showed the owner was receiving about $260,000 after management,” he added.
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Fairshore Noosa Resort contains 30 individually owned apartments, all of which are two-bedroom units. The complex includes a pool, spa, barbecue facilities, gym and games room.
The building dates back to the late 1970s and early 1980s and has undergone refurbishments over the years.
Mr McCauley said annual strata costs of about $14,000 reflected the requirements of maintaining a beachfront building.
“Beachfront, not only in Noosa but everywhere, the strata is always a little bit higher,” he said.
“Exposure to the beach does cost more to maintain, but $14,000 is quite reasonable for a beachfront property.”
He said the latest result showed continued buyer interest in Noosa’s premium market despite changing conditions elsewhere.
“Stock is very minimal in Noosa at the moment,” Mr McCauley said.
“People are buying Noosa as a long-term investment, not a short-term turnaround to make quick money.”
Auction results
17 Baringa Drive, Baringa
- Passed in
- 3 beds, 2 bath, 1 car
- Ray White, Lochlan Silk
13 Jalumba Street, Maroochydore
- Passed in
- 3 beds, 1 bath, 1 car
- Ray White, Hayden Kehoe
2/28 Venning Street, Mooloolaba
- Passed in
- 4 beds, 2 bath, 2 car
- Ray White, Brent Higgins
5/85 Picnic Point Esplanade, Maroochydore
- Sold under the hammer for $2.013m
- 2 beds, 2 bath, 2 car
- Ray White, Niall Molloy/Lottie Gunter
1/43 Edward Street, Alexandra Headland
- Sold under the hammer for $750,000
- 2 beds, 1 bath, 1 car
- Ray White, Jacob Hussey
8 Mountain Top Court, Mons
- Sold under the hammer for $2.18m
- 5 beds, 3 bath, 3 car
- Ray White, Jake Loiero
4 Jacana Close, Palmview
- Passed in
- 3 beds, 2 bath, 1 car
- Ray White, Paul Leydin
58 Boolagi Drive, Wurtulla
- Passed in
- 4 bed, 2 bath, 2 car
- Ray White, Ryan Cramer
11 Sweep Court, Birtinya
- Sold prior to auction for $1.4m
- 4 bed, 2 bath, 2 car
- Ray White, Jake Loiero/Jaiden Zanchetta
