A unique double-site opportunity has emerged in one of the Sunshine Coast’s tightly held suburbs, with two adjoining properties hitting the market together.
Lots 16 and 18 Vaughan Avenue in West Maroochydore combine to create a 1441sqm landholding, attracting interest from developers, investors and long-term land bankers.
The properties include a combined seven bedrooms, four bathrooms and four-car accommodation, with the sites positioned close to Sunshine Plaza, the Maroochydore CBD, the river and surrounding lifestyle precincts.
Ray White Maroochydore sales and marketing consultant Hayden Kehoe said bringing the two properties together created a larger opportunity for the market.
“I think the owners could see pretty quickly that there was potentially more value in presenting the properties together,” he said.
Mr Kehoe said while the properties could still appeal to individual buyers, investors or developers separately, combining the sites created greater flexibility.
“You’re opening the door to a much larger pool of developers and land bankers with the capacity to look at a more substantial project,” he said.
He said the two properties were owned separately, with one owner having held their site for more than 20 years and the other for around four years.
“Both have been investments, and I think they saw a genuine opportunity to work together and create something more appealing to the market while hopefully achieving a stronger result for themselves at the same time,” he said.
Mr Kehoe said the campaign had already attracted a lot of interest.
“We’ve had some really encouraging conversations already, particularly with the usual developers we see active throughout Maroochydore and the wider Sunshine Coast,” he said.
He said interest had also come from local owners who were looking at the opportunity as a long-term investment.
“These aren’t necessarily traditional developers, they’re mum and dad investors who genuinely back West Maroochydore and see an opportunity to own a significant piece of the area as it continues to evolve,” he said.
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Mr Kehoe said West Maroochydore has historically experienced low property turnover, with many homes held by families for decades.
“Generally speaking, you would expect a residential area to see somewhere around eight to 10 per cent of its housing stock turn over in a year,” he said.
“West Maroochydore has historically sat closer to four to six per cent, which means quality sites and properties simply do not come up as often.
“I think the biggest reason is that the older generation who bought into West Maroochydore simply haven’t wanted to leave.
“I’ve always felt the area has flown a little under the radar and probably been undervalued compared with some surrounding pockets.”
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The properties sit beside a recently sold development site, where Mr Kehoe sold two adjoining properties almost two years ago for a combined $1.98 million.
That site is now being developed into nine townhouses, which Mr Kehoe said were all sold off market.
“To sell an entire nine-townhouse development off market within weeks demonstrates that there is an established pool of buyers looking for good-quality, low-maintenance housing in central Maroochydore,” he said.
“To now have another two adjoining properties become available immediately beside that project is quite unusual, and it gives developers and land bankers a very relevant example to work from when they’re doing their numbers.”
Auction results
10 Bell Street, Dicky Beach
- Sold under the hammer for $2.2m
- 3 bed, 3 bath, 2 car
- Ray White Caloundra, Andrew Garland
16 Little Mountain Drive, Little Mountain
- Passed in, contact agent
- 5 bed, 2 bath, 2 car
- Ray White Caloundra, Ben Wotherspoon
905/89 Esplanade, Golden Beach
- Passed in, listed at $2.1m
- 3 bed, 2 bath, 2 car
- Ray White Caloundra, Ray Daniels
8/28 Orvieto Terrace, Kings Beach
- Passed in, listed at $1.599m
- 3 bed, 2 bath, 1 car
- Ray White Caloundra, Natascha Drexel-Munro/Carola Drexel
2/79 Esplanade, Golden Beach
- Sold under the hammer for $760,000
- 2 bed, 1 bath, 1 car
- Ray White Caloundra, Ray Daniels
2/21 Mahia Terrace, Kings Beach
- Passed in, listed at $1.035m
- 2 bed, 2 bath, 1 car
- Ray White Caloundra, Natascha Drexel-Munro/Carola Drexel
16/45 Bradman Avenue, Maroochydore
- Sold prior
- 2 bed, 2 bath, 1 car
- Ray White Maroochydore, Greg Turnbull/Grace Voller
1/6 Akeringa Place, Mooloolaba
- Sold under the hammer for $821,000
- 2 bed, 1 bath, 1 car
- Ray White Mooloolaba, Brent Higgins
6408/6 Emporio Place, Maroochydore
- Sold post auction for $855,000
- 2 bed, 2 bath, 1 car
- Ray White Maroochydore, Niall Molloy/Angus Low
2/45 Woodlands Crescent, Buderim
- Did not proceed to auction
- 3 bed, 2 bath, 2 car
- Ray White Mooloolaba, Kirstin Cowie
4 Broadsea Avenue, Maroochydore
- Sold prior for $1.327m
- 5 bed, 2 bath, 5 car
- Ray White Maroochydore, Greg Turnbull/Grace Voller
5/23 Maroochy Waters Drive, Maroochydore
- Passed in, contact agent
- 3 bed, 1 bath, 1 car
- Ray White Maroochydore, Greg Turnbull/Grace Voller
2/2 Teewah Street, Dicky Beach
- Sold prior
- 4 bed, 3 bath, 2 car
- Ray White Maroochydore, Jason Mills
1/15 Currawong Street, Mudjimba
- Passed in, contact agent
- 3 bed, 2 bath, 2 car
- Define Property, Ross Cattle/Katie Davies
