Six-figure annual rental income helps drive investor interest in unit

A two-bedroom apartment in a Sunshine Coast beachfront enclave has set a new sales record for its category.

Apartment 17 at Fairshore Noosa Resort on Hastings Street has sold for $7.425 million after four months on the market.

Setting a record for two-bedders on the Coast, the ground floor unit
includes two bedrooms, two bathrooms, one car space and direct access to Noosa Main Beach. It was sold fully furnished and will continue to operate as a holiday letting property.

The apartment last sold in November 2019 when it changed hands for $3.625 million.

The previous owner was based in Brisbane and held the apartment as an investment. The latest buyer, from Melbourne, has also purchased the property as an investment and plans to use it as a holiday letting apartment.

The apartment was sold by private treaty.

The apartment had undergone renovations since the previous sale and had continued to generate income through holiday letting.

The agent stated that the gross rental income is approximately $375,000, and the last valuation showed the owner was receiving about $260,000 after management.

Fairshore Noosa Resort contains 30 individually owned apartments, all of which are two-bedroom units. The complex includes a pool, spa, barbecue facilities, gym and games room.

The building dates back to the late 1970s and early 1980s and has undergone refurbishments over the years.

The agent stated that the annual strata costs of about $14,000 reflected the requirements of maintaining a beachfront building.

Stock is very minimal in Noosa at the moment and people are buying in Noosa as a long-term investment, not a short-term turnaround.