Multi-million dollar profits are on the rise in a small slice of QLD where beachfront property is so hot after the covid that the last $ 10 million sellers made double what they paid three years ago.
The five-bedroom riverfront home at 43 Mossman Court, Noosa Heads, fetched a whopping $ 10 million asking price for its owner, who had bought it for $ 5.1 million just three years ago, a hefty $ 10 million profit. 4.9 million.
Tom Offermann Real Estate’s Nic Hunter, who handled the deal, said buyer demand in the post-COVID-19 southern states was driving the increase, though locals were also getting in on the action.
“The demand we have in the high-end range is probably twice what we normally have and this has been reflected in sales so far this year. To think that we started the year with pessimism and pessimism about property for this, ”he said.
The street has achieved two $ 10 million sales in a matter of weeks with 47 Mossman Court fetching $ 10.91 million in November, and buyers are prepared to pay heavily for coveted homes with strong waterfront positioning and within walking distance of restaurants. .
“The buyers (of 43) are from Sydney. They bought without being seen but did their due diligence through a Zoom inspection prior to the opening of the borders, ”Hunter said. “They bought with confidence because they already knew the area and had a friend accompany them to take a look at the house.”
Hunter also handled the sale of 17 Cooran Court, Noosa Heads, which were sold under the hammer Sunday for $ 6.571 million.
Its manager Tom Offermann recorded a $ 7.4 million sale of an apartment 10/27 Hastings Street, Noosa Heads overlooking the beach last week, one of the highest prices in the country during the period.
“That’s just demand for that position,” Hunter said.
“The owner (of 43) maintained the property well and certainly did some work on it, but did not do major renovations. It’s just the desire people have to be up front. There are very few options available. Every property in Mossman Court faces the water, it’s the only street here that does, just throw a beach towel over your shoulder and walk to the beach or Hastings Street. ”
While Noosa was hitting the big house price figures, demand for coastal properties from southern buyers, many of whom were buying unseen, was driving increased sales across the Sunshine Coast.
Code Property Group CEO Candice Gilles said its Sunshine Coast monthly sales count was at its highest in three years, with vacancy rates also dropping to zero.
The group, which merged with another agency, Property Only, through covid, manages nearly 900 homes from Caloundra to Yandina.
“In early 2020, many businesses were unsure of the future, and the real estate industry was predicted to be hit hard by initial closings. However, we have seen the opposite pole: the last few months have been very hectic for us. “
“Properties have been renovating very quickly, and in June, we posted our strongest month in sales since we started operating in 2017, up 22 percent from the previous highest total, and October also reached our second-plus month. stop recording. ”
“Every type and style of property has been sold, from lots and small units to lots and large beachfront properties. The challenge now is to keep inventory levels high enough to meet buyer demand. “