When agent Pam Thomas says the Sunshine Coast real estate market is buoyant, she’s speaking from experience.
Having recently sold three entry level apartments at Alexandra Headland at record prices, with several offers on each, Pam says the level of demand is at an all-time high.
Unit 6/51 Edward Street is no exception. Sold on the 10th of July for $350,000, the two-bedroom apartment attracted a huge amount of interest from both local and interstate buyers.
Just one of six units in the well-established “Mayfield” complex, the eclectic beachside abode has two good sized bedrooms, compact open plan living and a great balcony. Perfectly located just a short stroll from beautiful Alex beach, as well as Mooloolaba’s buzzing retail and dining strip, it ticks all the boxes for easy Coastal living.
“We had one open home for that property and we had 61 people turn up,” says Pam. “It was while COVID restrictions were still in place so we could only have six people in the apartment at one time.
“There were people lining up down the street and around the corner, I’ve never seen anything like it, there are just so many people looking for those entry level investment properties.”
With instructions to sell the property as quickly as possible, the owner was delighted with the result. However, Pam says with such fierce competition among buyers for these type of properties, going to auction would have produced an even better result for the owner.
“If there is one example of a property that should have gone to auction this would have been it,” says Pam. “If we had put those buyers into competition with each other, I have no doubt we could have got an even better result for the owner, but those were his instructions and that is what we did.”
With a waiting list of prospective buyers who missed out on the Edward Street Apartment, Pam recently sold two comparable properties at a similar price point, both of which attracted just as much interest.
“We had one open home for the next one and had four offers and it was the same deal with the third property. All were entry level, unrenovated Alex apartments with low body corporate,” says Pam.
“We sold one for $370,000 and one for $390,000, all record prices. For all three of those sellers, I had originally suggested we go to Auction, as I feel it would have been better because of the high demand in that price point up to $450,000.”
The proud new owner of the Edward Street apartment, a savvy young first home buyer, snapped the property up as an investment opportunity.
“This young man was clever enough to make an offer on the property straight away,” says Pam. “He actually attended the photo shoot we did at the unit and made an offer even before the open house.”
With such an enviable location, it’s no surprise competition was just as fierce among prospective tenants vying for the beachside unit.
“That particular property had the same level of interest for renting as it did for selling,” says Pam.
“In fact, last week our property management team had an incredible 740 applications for seven rental properties.”
If you’re thinking of buying or selling your next home on the Sunshine Coast, it seems now is the perfect opportunity. But be warned, blink and they are gone!
Written by Ingrid Nelson