Strong demand is driving competition for high-end apartments in a bustling area of the Sunshine Coast.
Buyers have been jostling for position in Maroochydore, particularly at Cotton Tree, with luxury units attracting lofty prices.
No. 601/49 The Esplanade was among the properties recently sold, fetching $4.6 million, which is $1.1 million more than it sold for in late 2024.
The 245sqm apartment, with three bedrooms and two bathrooms, is on the seventh storey of the eight-storey Nature by Cube tower by the Maroochy River.
Ray White Maroochydore sales consultant Ari Mr Whisson said the sale highlighted the appeal of deluxe units in the area, which is now dotted with towers.
“Modern apartments are still in super high demand,” he said.
“We are seeing so many people downsizing from larger houses in the area and realising life can be much easier in an apartment.
“Lock up and leave, ability to travel, very low maintenance, amazing views and walkability are all huge drivers.”
He said buyers from around the country were keen to secure a deluxe unit in the area.
“We are seeing farmers, business owners, buyers from Brisbane, out west, Victoria and New South Wales purchasing holiday homes or future retirement options,” he said.
“There is also some international interest from New Zealand.
“Most buyers are retirees. However, we are also seeing younger professionals entering the market.
“Another trend that is becoming more common is local upsizers.
“People already own and love apartment living here but want something larger. Some are consolidating from owning both a house and an apartment into one larger premium residence.”
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Mr Whisson said there was high demand and “not enough supply”.
“There are only a handful of premium sites left in these locations and many of the apartments I have sold recently are unlikely to transact again for a long time because they have been purchased by retirees and downsizers as their final move.
“There are a couple of projects on the horizon but demand currently appears stronger than supply, particularly at the premium end.”
The highest residential apartment sale recorded in Maroochydore was the Lorient penthouse at 801/88 Duporth Avenue, which sold for $9 million last year, by Ray White Maroochydore.
There have also been several off the plan penthouse transactions between $6 million to $7.4 million.
“It has been interesting watching this space evolve,” Mr Whisson said.
“The biggest challenge continues to be supply. There simply are not enough premium apartments for the amount of downsizers looking to make the move.
“Interestingly, some of the recent budget changes may not impact this market as much because many of these buyers are owner occupiers rather than investors.
“If anything, there could be more incentive for buyers to direct wealth into their principal place of residence rather than investment assets.
“I also think we may continue to see more local upsizers moving within the apartment market.”
Mr Whisson said the unit, and Nature by Cube, were spectacular.
“It has ultra luxury amenities, amazing views … an exceptional level of finish and a renowned developer.”
“It is also ultra convenient to everything a downsizer could want: shops, cafes, doctors, the river and the beach all right there. It delivers luxury without sacrificing convenience.”
Apartments in Nature by Cube were first snapped up before the tower was even built.
Auction results
37 Bell Road, Buderim
- Passed in for $1,500,00 – contact agent
- 4 bed, 2 bath, 2 car
- Ray White Buderim, Gregory Ward / Zoe Byrne
204/62 Memorial Avenue, Maroochydore
- Sold under the hammer for $1,205,000
- 2 bed, 2 bath, 1 car
- Ray White Maroochydore, Ari Whisson
1/15 The Grove, Alexandra Headland
- Sold under the hammer for $1,270,000
- 3 bed, 2 bath, 2 car
- Ray White Buderim, Eden Farimbella
63 Paringa Street, Wurtulla
- Sold under the hammer for 1,257,500
- 3 bed, 1 bath, 4 car
- Ray White Kawana Waters, Ryan Cramer
3/51 Edward Street, Alexandra Headland
- Sold under the hammer for $740,000
- 2 bed, 1 bath, 1 car
- Ray White Mooloolaba, Jacob Hussey
12 Hardwood Court, Buderim
- Sold under the hammer for $1,520,000
- 4 bed, 3 bath, 6 car
- Ray White Buderim, Jake Loiero / Jaiden Zanchetta
16 Trinity Crescent, Sippy Downs
- Sold under the hammer for $1,250,000
- 4 bed, 2 bath, 2 car
- Ray White Maroochydore, Niall Molloy / Ari Whisson
685/11 Mooloolaba Esplanade, Mooloolaba
- Sold under the hammer for $605,000
- 1 bed, 1 bath, 1 car
- Ray White Maroochydore, Max Luo
