The appetite for luxury apartments continues to grow at a ritzy inner-city neighbourhood.

A penthouse on the riverfront at Cotton Tree sold for $3.25m on Saturday and, according to Ray White Mooloolaba’s sales and marketing consultant and auctioneer Reuben Park, the demand for such residences was as strong as ever.

“Despite national reports about a decline in the real estate market, the Cotton Tree high-end apartment market is still seeing growth,” he said.

“This auction was a testament of the depth of the (prospective) buyers, with six registered bidders and a crowd of 70.

“You wouldn’t believe the negativity around the national market, based on the competition on Saturday.

“Cotton Tree bucks the national trend and high-end apartment markets are still in high demand.”

Cotton Tree is essentially Sunshine Coast central. It’s dotted by stylish apartment blocks, trendy restaurants and cafes, and it is within touching distance of the Maroochy River, Maroochydore Beach, Sunshine Plaza and the emerging CBD.

1006/6 Wharf Street is a spacious 339sqm four-bedroom, three-bathroom, four-car-space penthouse with an easterly aspect, at the expansive 4.5-star The Duporth Residence.

The apartment’s stunning outlook.
The apartment’s stunning outlook.

“It’s about 20 years old so it offers buyers a lot more size, compared to the new stock that is being built,” Mr Park said.

“Buyers don’t mind buying slightly older apartments, knowing they’re getting better proportions.

“It’s got a high-level finish and eventually they (the new owners) will add their own touch and flair and renovate, knowing they will never lose that view.”

The property was held for 16 years by a couple who decided to move to Sydney to be closer to family.

It was purchased by a pair of champion water-skiers from the edge of the Murray River in Victoria. They were set to move to their new home for lifestyle reasons.

“They have had holidays here before and they fell in love with it (the area),” Mr Park said.

“They had been waiting for one (a luxury waterfront apartment) to come up for about six months and had missed out on a few. They were determined.

“They came up against a couple of locals who were renting high-end apartments nearby and who were also waiting for their opportunity.

“Locals and interstate buyers see the value in tightly held waterfront apartments.

“Most of the competition was from people who planned to live there permanently, so lifestyle living is high on the list.”

The apartment’s classy interior.
The apartment’s classy interior.

The new owners won’t be able to ski on the immediate waterfront – and will instead utilise a nearby ski park – but they will be able to enjoy one of the best waterfront views in the region.

“They get the space and tranquility of being right on the water’s edge but they also have that central location, near the bustling atmosphere of Ocean Street and the plaza,” Mr Park said.

“It’s quintessential waterfront living.”

Selection of auction results

33/81 Sixth Avenue, Maroochydore

31 Emperor Avenue, Maroochydore

1/1-3 Buderim Avenue, Mooloolaba

1006/6 Wharf Street, Maroochydore

42 Lurnea Crescent, Mountain Creek

4 Bell Street, Dicky Beach

16/39 Canberra Terrace, Kings Beach

Article source: Queensland Property Investor

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