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Sky High Sale Achieved for Penthouse at Sunshine Coast’s Largest Auction

By Dan Sowden

The Ray White Coastal Living Network Auction Event made history yet again on Sunday 25th September by hosting the Sunshine Coast’s largest in-room property auction. Presented by over 100 staff from five offices making up the Ray White Coastal Living Network, each Ray White team member was buzzing with energy, working to register buyers, supporting sellers, briefing phone bidders and ushering spectators.

The energy on the day was electric. Adding to the excitement was the sale of Maroochydore’s most desirable beachfront penthouse. The auction’s flagship property, the penthouse at Cotton Tree’s award-winning ‘Rise102/67 Sixth Avenue, Maroochydore, attracted exceptional interest and ultimately sold for $5 million by listing agent Reuben Park. Boasting two levels, four bedrooms, three bathrooms and three car spaces, with stunning views up and down the coastline, the building is walking distance to both the beach and the Maroochydore CBD.

This exquisite multi-level Cotton Tree penthouse presented a unique opportunity to buyers, says Dan Sowden, Principal and Auctioneer of Ray White Maroochydore.

“We saved the best for our seventh year, with one of the grandest and newest north-east facing penthouses on the market. A rare find as these apartments are usually held onto by the developer, this opportunity was extra special with there being no more blocks available along the street,” says Dan.

“This means that brand new penthouses facing Maroochydore beach are unlikely to be seen again in our lifetime. An offer that was particularly desirable for buyers who were considering the Noosa market, as it provided incredible value with a similar village atmosphere.”

Previously engaged by the sellers over a number of years to manage the pre-sale of the block’s off-the-plan apartments, and achieving outstanding sales prices of the other two penthouses in Rise, Reuben was no stranger to the complex. Surprisingly however, after exhibiting a strong desire to keep the last North-East facing penthouse for themselves, the owners’ plans changed and they decided it was time to sell.

“We had earmarked spring and the auction event as the best opportunity to sell the penthouse, especially given our track record of sales at previous auction events. The sellers knew that every other year there had been a positive sale of a penthouse in Maroochydore, and given we didn’t have any other penthouses for sale, they knew that theirs would be one of the most sought after” says Reuben.

Listing agent Reuben Park with the buyers of the Rise Penthouse 

Understandably, given the media’s negative reporting on the Sunshine Coast property market, the sellers did approach the sale with some apprehension, however once the campaign kicked off, their nerves soon began to settle with the property generating substantial interest. Initial open homes were overwhelmingly positive, seeing up to 24 groups at one time. In addition to the desirable offering, Ray White Maroochydore’s strong marketing initiatives, and positive press media attention of the event, Reuben also attributes the considerable buyer interest to the combined strength of the five offices.

“The benefit around the auction event is the combined strength of a number of experienced Sunshine Coast real estate agents who represent higher end apartments in different sections of the Coast. Our geographical reach enables us to work together by tapping into our networks and presenting a handful of the right buyers to our clients. Having a large number of accomplished agents as opposed to one individual agent is something that only our group can offer” says Reuben.

With over 70 properties to be auctioned on the day, hundreds of registered bidders created a bidding atmosphere like no other. Having recognised the opportunity that this large penthouse offered when inspecting the build off-the-plan many years ago, the successful buyers were adamant not to miss out on this unique occasion. Thirteenth in line to be auctioned off, the event has already provided buyers with social proof that attendees were not messing around on the day.

“The auction event helped to provide the atmosphere that we needed. Buyers were competitive and having hundreds of other people there helped to provide that air of competition that can sometimes be lacking from smaller onsite auctions. The auction also provided social proof that others were there to buy. Bidders saw previous houses being bid on and sold under the hammer, so they knew that if they didn’t go for it, they would likely miss out” says Reuben.

Selling to the successful buyers for $5 million, an exceptional outcome was achieved for all involved, proving that desirable Sunshine Coast property locations and quality builds are still in high demand.

Now in its seventh year, the Ray White Coastal Living Network Auction Event continues to grow. Since its inception in 2015, the network has now auctioned 393 properties, totalling in $206.3 million in sales. 

To enquire on stunning waterfront properties available for purchase, or to learn more about the annual auction event, contact Ray White Maroochydore Real Estate Agent Reuben Park.

NB: The five Ray White Coastal Living Network offices include: Ray White Maroochydore, Ray White Mooloolaba, Ray White Kawana Waters, Ray White Buderim, and Ray White Nambour.

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