A Sunshine Coast apartment has sold for $5.22 million in a swift resale just seven months after it was purchased for $4.5 million, with no material changes made to the property.
The Maroochydore luxury residence delivered a windfall gain of more than $700,000 in less than a year.
The apartment at 1302/100 Duporth Avenue is part of an exclusive collection of just 15 waterfront residences, architecturally designed by OGE Group and delivered by Mosaic Property Group.
It features a north-east aspect with panoramic river and ocean views and spans approximately 276 square metres, including three bedrooms, three bathrooms and three secure car spaces.
Residents also have access to concierge services, a resort-style pool, steam room, gym and private pontoon access.
The property was sold off market on April 21.
Ray White Maroochydore sales consultant Ari Whisson said the buyer was relocating from New South Wales, while the seller was local.
“We were not involved in the original sale at approximately $4.5 million,” he said.
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He said the rapid price growth over the seven-month period came down to shifting market conditions and limited availability.
“Supply and demand played a significant role,” Mr Whisson said.
“When the owners purchased the apartment, there were a couple of comparable options available, and they negotiated strongly while the property was publicly on the market.
“When they sold, the dynamic had changed.
“The buyer specifically wanted that type of product and there simply was not another option on the market that suited them, so it became a case of working directly with the owner rather than waiting for something to become available publicly.”
Mr Whisson said trust and existing relationships also played a role in the transaction.
“We had sold for the owners previously and had built a relationship over time, which gave them confidence to consider an off-market approach before formally taking the apartment to market,” he said.
Timing, he said, was critical at the upper end of the market.
“Sometimes it is simply about having the right buyer at the right time,” he said.
“This buyer had been looking for a while, knew exactly what they wanted and understood how rare these assets are becoming.
“Buyers at this level are becoming more educated and know that if the right apartment comes up and they let it go, there may not be another opportunity for quite some time.
“If it does hit the open market, the level of competition can make securing the asset more challenging.”
Auction results
47 Columbia Street, Sippy Downs
- Sold under the hammer for $1.3m
- 5 bed, 3 bath, 3 car
- Ray White Buderim, Jacob Stinson
1/22 Eliza Way, Maroochydore
- Sold under the hammer for $1.501m
- 3 bed, 3 bath, 2 car
- Ray White Maroochydore, Hayden Kehoe
9 Flintwood Crescent, Palmview
- Sold under the hammer for $940,000
- 3 bed, 2 bath, 2 car
- Ray White Buderim, Taj Jones
301/10 Picnic Point Esplanade, Maroochydore
- Sold under the hammer for $2.38m
- 3 bed, 2 bath, 2 car
- Ray White Maroochydore, Niall Molloy
16 Alkira Street, Buddina
- Passed in at $1.9m, contact agent
- 4 bed, 3 bath, 2 car
- Ray White Maroochydore, Ryan Bradeley
30/99 Birtinya Boulevard, Birtinya
- Sold prior for $850,000
- 2 bed, 1 bath, 2 car
- Ray White Mooloolaba, Justin Wijaya
14 Broadsea Avenue, Maroochydore
- Passed in at $1.4m, contact agent
- 5 bed, 3 bath, 2 car
- Ray White Maroochydore, Greg Turnbull
2/25 Iluka Avenue, Buddina
- Sold prior for $1.05m
- 2 bed, 1 bath, 1 car
- Ray White Kawana Waters, Ryan Bradeley0
16 Pamphlet Street, Palmview
- Sold under the hammer for $885,000
- 3 bed, 2 bath, 2 car
- Ray White Buderim, Taj Jones
22 Pangali Circuit, Birtinya
- Passed in for $1.8m
- 5 beds, 2 bath, 2 cars
- Ray White Mooloolaba, Justin Wijaya 0479 135 990
