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High Competition Continues to Push Up The Price of Mooloolaba Apartment Living

By Dan Sowden

When it comes to high-end, spacious apartments primely positioned amongst one of Sunshine Coast’s favorite beach towns, there’s no predicting the level of competition you’ll see. Even in the face of all the ‘doom and gloom’ in the media; list a tightly-held apartment, sold by Pam Thomas and her powerhouse team from Ray White Maroochydore, paired with a highly competitive market, and you’re looking at one impressive sale! We sat down with Sunshine Coast real estate agent Pam to learn how she achieved an outstanding $1.58 million sale for 9/16-20 Meta Street, Mooloolaba.

“Yes we’re hearing a lot of ‘doom and gloom’ in the media and this is meaning that a lot of owners are hesitating when it comes to selling their property, however what they need to remember is that low stock causes high competition. Even if your house is on the higher end, there is so much competition that it’s a safe bet that there will be a lot of people interested… and that’s just what happened at Meta Street. We witnessed a huge amount of inspections with over 100 people through the unit,’ says Pam. A pretty significant number considering the current climate, and the number of bidders on the day of auction proved that interest in Mooloolaba apartment living is stronger than ever.

“We actually had seven registered bidders on the day with two traveling from interstate to throw their hat in the ring! One bidder had offered $1.45 million prior to the auction, so that was a great indication for us going into auction. When the bidding opened up five or six active bidders came in strong from the get go. In the end there were two of them so determined to buy it that we were down to $1,000 bidding increments for the last $20,000! I haven’t ever had that many bids, it just went on and on and on, each not wanting to let the other win. At long last we reached a sale at $1.58 million and the sellers were over the moon,” says Pam.

Having paid $1.42 million at what most would call ‘the height of the Sunshine Coast property market’, the sellers could not have been more thrilled by the result, especially given their apprehension towards running an auction based campaign.

“We knew that there would be competition so we went down the path of an auction to create even greater competition and get the best dollar possible. The sellers were initially anti-auction, however they quickly recognised the benefits, and as much as it was stressful, it served them well. We got as much as we could for the sale,” says Pam.

With other attractive Sunshine Coast apartments for sale in close proximity to the water, we asked Pam what made this Mooloolaba unit in particular attract so much attention.

“I think there is a lot of competition over livable, sizable, 3 bedroom 2 bathroom 2 car units, and this one had a double lock up garage as well which is fairly unique and fairly hard to find. Not only this, but it had a water view, so much as it was set back by a couple of 100 meters, it was in a quiet location and not on the main drag… therefore avoiding a lot of the road noise that other Sunshine Coast apartments tolerate. In addition to this, it was in a residential only block, so there were only 12 in the complex which made for a nice boutique block,” says Pam.

Located in a complex called Oxygen 12, the block houses 2 units per floor, with double lock up garages, and apartments that are almost house sized, conveniently resulting in no holiday letters and few neighbors – a rarity in apartment living.

“There aren’t many coastal apartments like this available any more. The house market may have changed, but livable units continue to attract the retired, cashed up buyers who have a high budget – that type of product attracts a very different type of buyers to houses. People shouldn’t sit on their hands worrying about the market. If they have a high quality 3 bedder, there will always be great competition. If I was a seller I would be getting my house on the market now!” says Pam.

If you’re looking for a Sunshine Coast real estate agent who can achieve top dollar for your property, contact Pam Thomas or her assistantsMegan Murray or Sarah Olsen for a chat today. 

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