‘Rapid price growth’: Maroochydore apartment delivers owner windfall gain without material changes

A Sunshine Coast apartment has sold for $5.22 million in a swift resale just seven months after it was purchased for $4.5 million, with no material changes made to the property.

The Maroochydore luxury residence delivered a windfall gain of more than $700,000 in less than a year.

The apartment at 1302/100 Duporth Avenue is part of an exclusive collection of just 15 waterfront residences, architecturally designed by OGE Group and delivered by Mosaic Property Group.

It features a north-east aspect with panoramic river and ocean views and spans approximately 276 square metres, including three bedrooms, three bathrooms and three secure car spaces.

Residents also have access to concierge services, a resort-style pool, steam room, gym and private pontoon access.

The property was sold off market on April 21.

The open-plan area combines a kitchen, butlers pantry, dining space, inbuilt bar and lounge.

The buyer was relocating from New South Wales, while the seller was local.

The agent said the rapid price growth over the seven-month period came down to shifting market conditions and limited availability.

“Supply and demand played a significant role,” he said.

“When the owners purchased the apartment, there were a couple of comparable options available, and they negotiated strongly while the property was publicly on the market.

“When they sold, the dynamic had changed.

“The buyer specifically wanted that type of product and there simply was not another option on the market that suited them, so it became a case of working directly with the owner rather than waiting for something to become available publicly.”

Timing, he said, was critical at the upper end of the market.

“Sometimes it is simply about having the right buyer at the right time,” he said.

“This buyer had been looking for a while, knew exactly what they wanted and understood how rare these assets are becoming.

“Buyers at this level are becoming more educated and know that if the right apartment comes up and they let it go, there may not be another opportunity for quite some time.

“If it does hit the open market, the level of competition can make securing the asset more challenging.”