A beachfront unit in a complex that’s synonymous with Moffat Beach has increased a whopping 625 per cent while breaking the record for the highly sought-after resort.
The “stunning and spacious” unit at Norfolks on Moffat Beach sold for $1.16m at auction, exceeding the previous record for a two-bedroom unit at the 34-year-old complex (1.035m last year).
It also smashed that apartment’s price from 1993, when it was purchased for just $160,000 and held onto for nearly 30 years.
Sales in Norfolks, which is just metres from the beach and cafes, are extremely rare because people who move in never want to leave the unrivalled location.
Another record-breaking unit sale was recently achieved in Mooloolaba, proving that buyers are still willing to pay top dollar for prime beachside spots (scroll down for more on the Mooloolaba unit).
Ray White Caloundra Elite Selling Principal Andrew Garland said the auction for 25/32 Queen of Colonies Parade went “extraordinarily well.”
The Moffat Beach property has two bedrooms, one bathroom, one car space, a large living area and an oceanfront balcony with spectacular views. It was offered fully furnished.
The five-level Norfolks, which has a mix of two and three-bedroom units, is regarded as somewhat of an institution at Caloundra because of its prominent location and its long standing.
It was spruiked by Ray White as the “most highly-desired unit complex in Moffat Beach.”
“For people who know Moffat Beach, that’s the main place to stay,” Mr Garland said.
“It is beautiful real estate, right beside the restaurants and cafes and parklands and coastal pathway.
“It’s a very popular holiday resort, with lot of long-term owners, so units there don’t come up for sale too often.
“There hadn’t been a sale for over year (from about 40 units) so that just shows the people who buy into them don’t tend to on-sell them.
“I don’t think anything else is going to come up there in a hurry. People are happy to stay.”
Moffat Beach has come a long way since it was home to humble beach shacks in the 1970s.
Some of the region’s old houses, with basic wooden frames and fibro walls, remain, but the suburb now boasts an array of living options to accommodate investors and renters, owner-occupiers and holidaymakers.
“Moffat Beach is highly sought after,” Mr Garland said.
“It is as popular as ever, because of its ocean views.
“It’s north facing, like Noosa’s Hastings Street, so it has the same aspect except it’s an eighth of the price.”
Mr Garland said “conditions had changed” nationally as property prices slowed but beachside apartments were bucking the trend.
“Although we have some moderation in the market (nationwide), Moffat Beach has been going extraordinarily well,” he said.
“It seems to be holding up quite well and it always performs strongly.
“A-grade real estate still attracts strong interest.
“Things that are in secondary locations, like on busy roads, might be passed by, but good real estate still attracts good interest and it’s being reflected on the market.”
There were eight registered bidders for the auction, with five on site.
Bidding started at $800,000 before the third-floor apartment was sold, by a family estate, to a Brisbane family that was expected to use it as for holiday renting and for weekend visits.
Mr Garland said there were “fewer people” looking at purchasing properties in general but he expected a rebound.
“There is some uncertainty around the interest rate environment,” he said.
“It hasn’t crashed or cooled, it’s just a moderation of interest, while people see what happens, while we’re transitioning from a low interest rate to a higher one.
“It’s a matter of people sitting back and seeing where they end up, to see how the new pricing is, but I have a hunch that interest rates won’t go as high as some people think they will and then people can jump back into the market.”
Massive price for Mooloolaba gem
A luxury unit at Mooloolaba was sold for a whopping $5.35m at auction on Saturday.
The purchase price was the highest for an apartment in prominent complex, Oceans Mooloolaba.
There were five registered bidders and about 40 people in attendance for 704/101-105 Mooloolaba Esplanade, but it ultimately went to an investor from Melbourne.
Sales Consultant at Define Property Mooloolaba Grant Whisker said the residence had represented a rare opportunity to prospective buyers.
“It’s in the north-eastern corner (of the block), with 180-degree coastline views,” he said.
The 233sqm property on the seventh floor has been billed as “the ultimate in luxury living”.
It boasts four bedrooms, three bathrooms, three car spaces and a stunning outlook.
The previous owner bought the property for $1.8m in 2011.
Mr Whisker said prices had remained hot for luxury apartments.
“There’s only been three that have come on to the market, of this size, this year, but they’re in high demand.”
It was the second highest sale for an apartment on the Mooloolaba Esplanade this year, after a staggering auction for a residence at Sea Pearl in June.
Oceans Mooloolaba is a particularly well-known apartment complex on the Sunshine Coast.
The 17-year-old building is in prime position on Mooloolaba Beach, next to The Surf Club Mooloolaba.
The five-star resort has 46 self-contained luxury apartments and penthouses.
“From about 2005 to 2007, people were paying a lot of money for these apartments,” Mr Whisker said.
“But the potential wasn’t realised for many years and some owners went backwards with them, selling after the GFC (Global Financial Crisis in 2007-2008) and they lost a lot of money.
“But it’s now come full circle.”
Auction results
25/32 Queen of Colonies Parade, Moffat Beach
- Sold under the hammer for $1.16m.
- 2 bed, 1 bath, 1 car.
- Andrew Garland, Ray White Caloundra.
704/101-105 Mooloolaba Esplanade, Mooloolaba
- Sold under the hammer for $5.35m.
- 4 bed, 3 bath, 3 car..
- Grant Whisker, Define Property.
605/21 Kombi Street, Bokarina
- Passed in, on the market for offers over $2m.
- 3 bed, 2 bath, 2 car.
- Richard Scrivener/Loren Wimhurst, Next Property.
5 Linder Place, Buderim
- Passed in.
- 3 bed, 2 bath, 2 car.
- Jake Loiero, Ray White Buderim.
6 Springfield Ave, Coolum Beach
- Sold under the hammer for $1.97m.
- 4 bed, 2.5 bath, 2 car.
- Adam Budd/James Goldsworthy, Ray White Kawana Waters.
10 Wyndlorn Ave Buderim.
- Passed in at $1,075,000.
- 3 bed, 2 bath, 2 car.
- Judy Wild/Lew Pottinger, Ray White Buderim.
7 Loparo Court, Nambour
- Passed in at $600,000.
- 4 bed, 2bath, 4 car.
- Dallas Foster, Ray White Buderim.
7/50 Beach Parade, Maroochydore
- Passed in at $700,000.
- 3 bed, 3 bath, 1 car.
- Sarah-Louise Anderson, Ray White Maroochydore.
12 Yakola Parade, Alexandra Headland
- Passed In at $1.1m
- 4 bed, 2 bath, 2 car
- Pam Thomas/Megan Murray, Ray White Maroochydore
1/53 Boongala Terrce, Maroochydore
- Sold for $391,000.
- 2 bed, 1 bath, 1 car.
- Alex Dennien, Ray White Kawana.
5 Thinana St, Wurtulla
Sold for $765,000.
3 bed, 1 bath, 4 car.
Ryan Crame/James Goldworthy, Ray White Mooloolaba.
120 Tallow Wood Drive, Kuluin
- Passed in at $800,000.
- 4 bed, 2 bath, 1 car.
- Rowan Woodbine, Ray White Maroochydore.
16 Hoop Pine Court, Buderim
- Passed In at $820,000.
- 4 bed, 2 bath, 2 car.
- Dianne Deem, Ray White Mountain Creek.
17 Water Street, Buderim
- Passed in at $825,000.
- 3 bed, 1 bath, 1 car.
- Judy Wild/Lew Pottinger, Ray White Buderim.
606/25 First Avenue, Mooloolaba
- Sold prior to auction for $700,000.
- 2 bed, 2 bath, 1 car.
- Peter King, Ray White Mooloolaba.
35 Wurtulla St, Maroochydore
- Passed in at $1m.
- Sat 13/08 @ 2pm.
- 6 bed, 2 bath, 3 car.
- Jason Mills, Ray White Maroochydore.
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