Realestate.com.au: Sunshine Coast unit developers can’t keep up with demand
PRESTIGE properties are being snapped up as fast as they’re put on the market with one coast developer reporting 90 per cent sales within weeks of putting up the ‘for sale’ sign.
Mosaic Property Group managing director Brook Monahan said construction had started on its $20 million luxury development at Kings Beach after almost reaching a sell out only weeks after hitting the market.
“Sales at Cyan have been strong from the outset,” Mr Monahan said. “We reached 60 per cent sales in only four weeks over Christmas during the pre-release period and we didn’t even officially advertise until mid-January.”
The development is now 90 per cent sold to local, intrastate and interstate buyers drawn to the eight level prestige units with buyers Russell and Wendy Clegg among those looking forward to the move.
After years of searching for an investment property the Clegg’s decided against their initial decision to buy and renovate and instead chose to buy a new apartment and move forward their semi-retirement.
“We wrote a list years ago of all the features we wanted to have in our future apartment, and Cyan ticked all the boxes,” Mr Clegg said.
The Clegg’s will be moving from Forest Lakes into a two-bedroom apartment on the fifth floor early next year.
“Cyan consisting of 31 apartments, means it will never be overcrowded with holiday makers, making it the perfect place to call home.”
Herron Todd White’s February 2017 Month in Review predicts strong growth to continue on the coast with housing demand fuelled by low supply and the new Sunshine Coast University Hospital set to open soon.
According to the report dwelling sales within the coastal corridor between Maroochydore and Caloundra, particularly the sub $700,000 price range are expected to continue with increased demand.
The report says limited stocks of all property types on the Sunshine Coast will place upward pressure on prices in some areas.
Mosaic’s Mr Monahan said the report helped explain Cyan’s popularity with only two apartments left to sell.
“We’ve found the market to be extremely receptive to Cyan because of the limited supply of new luxury beachside apartments in this area,” he said.
“Mosaic is thrilled that our vast research over an extended period of time into this market has guided us to deliver the right product at the right time to the Sunshine Coast.”
Cyan’s two and three-bedroom apartments are priced from $480,000 with project completion expected in January 2018.