The penthouse with the 'best views' in Noosa
Developer's dream: Southern city slickers cashing in on iconic Hastings St.
Sunshine Coast
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PRIVATE school students from southern capitals who've "made it” are part of a new breed buying up Noosa apartments as investment properties.
With fresh memories of holidays at the iconic hotspot, the cashed up adults are returning to buy, according to a local agent.
Richardson and Wrench Noosa agent Frank Milat said Hastings St's stature spoke for itself.
His latest available package - a Netanya Resort penthouse at 406/71 Hastings St - with the "best views in Noosa” will go under the hammer next month.
"Netanya is the jewel in the crown of Hastings St, and this one looks out to Little Cove Beach where all the surfing is,” Mr Milat said.
"It is a nice open plan apartment in an iconic building. Its been there for 35 years but had recent renovations done.
"We sell places like this quite readily. Noosa is very popular. The market is returning and due to a lack of stock and continuing demand this could go on for some time.
"Some of them are ex-pats but a money has come in from Sydney. Private schoolers from Sydney and Melbourne, coming back here when they did as kids on holiday.”
Mr Milat said most of the buyers didn't buy to live - he said these were blue chip investment properties.
In July last year a one bedroom non-penthouse apartment went for $2,250,000 - not that Mr Milat would speculate on its price.
"You buy here for the lifestyle and the location, but rarely do you buy here to live,” he said.
"Someone who has owned a home and worked hard their whole life, it is something they can add to their portfolio to enjoy.
"Most units don't have a return like this.”
Backed up with a 4.5 per cent yield and with a beach front growth up 20 per cent, Mr Milat doesn't expect it to remain on the market for long.
The penthouse is up for auction on April 14.
5 recent Netanya Sales
- 49/71 Hastings St - $2,550,000 on July 15, 2017
- 3/71 Hastings St - $1.375,000 on Aug 2, 2017
- 8/71 Hastings St - $950,000 on Dec 1, 2017
- 201/71 Hastings St - $950,000 on Dec 22, 2017
- 71 Hastings St $1.69m on Jan 20, 2018
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