$16.1m sets record for luxury Noosa apartment
Four phone bidders sought the keys to the three-level Hastings Street apartment in Noosa, leading to a record $16.1m luxury apartment sale.
There’s been a record $16.1m luxury apartment auction sale at Noosa.
Four phone bidders sought the keys to the three-level Hastings Street apartment, located within the Hastings Park complex, with some 412sq m of space.
Friday afternoon’s auction was held by Tom Offermann and his daughter Rebekah Offermann.
Its marketing suggested it was a lavish terraced apartment after a $2m inspired Cape Cod/LA interior-style renovation.
It came with “endless high-end travertine, banks of louvres, floor-to-ceiling glass and US-imported sumptuous furniture.”
The tightly held four-bedroom, four-bathroom apartment, with northerly views to Little Cove and First Point, last sold in 2004 at $4.5m, and before that for $790,000 in 1993.
The 1989 terraced complex of nine apartments, designed by John Dimitriou Architects (JDA), took four years to sell out for its Noosa Heads developer Brian Wood.
“Apartments of this calibre commanding such presence, rarely come to market,” noted Rebekah Offermann.
“Hastings Park’s history of back-to-back year-round bookings makes this a judicious one-off investment opportunity,” she added.
Its peak season daily rate has been $3100.
The price surpassed the previous record Noosa apartment sale of $14m in February last year elsewhere on Hastings St through Tom Offermann, when Elizabeth Ring, the cashed-up Melbourne-based ex-wife of Swisse Vitamins billionaire Stephen Ring, bought her penthouse.
The Noosa LGA has clocked over 70 apartment sales over $2m so far this year, compared to 55 apartment sales over $2m last year, above the 41 secured during 2019. There were 29 sales over $2m in 2018 and 21 in 2017, according to CoreLogic.
Noosa’s continued surge in apartment prices can be attributed to the pursuit of second homes since the Covid-19 pandemic restricted international travel and business leaders embraced the work-from-home trend. The strong sales activity had been well established before the pandemic, and may continue after borders reopen, given holidaying in Australia may be deemed the safer travel option for the foreseeable future.
Earlier this month, a Noosa house at 39-41 Picture Point Crescent sold for a record $16.48m. The four-bedroom 1970s north-facing Laguna Hill home on a 1447sq m block was sold to a Sunshine Coast family, who outbid seven registered bidders.
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Manic Melbourne
The nation’s busiest auction market was Melbourne with 1478 auctions over the past week, its highest volume since March. Of the 1200 results reported so far, CoreLogic calculated 79 per cent were sold, down slightly on the prior week’s 82 per cent.
Melbourne’s priciest listing failed to sell when the knockdown at 22 Douglas St, Toorak went to Saturday auction with $6.3m to $6.9m price guidance from Jock Langley at Abercromby’s.
The Zoom auction saw a $6m vendor opening bid, with it passed in at $6,050,000.
Its vendor, Geelong Grammar, was having a second go at offloading the dated five-bedroom home adjoining its Glamorgan, Toorak campus, which had been used for staff accommodation. Its listing goes against the marked trend of schools enlarging their land holdings.
The school held initial hopes of $6.9m to $7.2m, having bought it in 2009 for $3.21m.
The top reported Melbourne sale was $4.8m for the four-bedroom Edwardian home at 24 Feversham Rd, Canterbury, with a tennis court on its 1300sq m holding.
The price guide on the 1911 home had been $4.6m to $4.9m. It last sold at $3.25m in 2015.
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Subdued Sydney
Sydney had 911 auctions over the past week, down from the 983 originally expected. Of the 808 results reported so far, 85 per cent have sold, the highest preliminary clearance rate since April. Sydney’s final auction clearance rate is likely to have held above 80 per cent for eight weeks. Agents were permitted to conduct onsite auctions, although most appeared to stick with their initial online plans.
Sydney’s top advised sale price came pre-auction when a Little Bay home, in the coastal southeast, sold for $9.3m, beating the suburb’s record price by almost $3m.
The five-bedroom home was sold to a buyer in Taiwan who intends to relocate back to Australia in the next six months. The three-storey Luigi Rosselli Architects-designed home on its 623sq m block was built by Mark Vassallo, chief executive of Mojo Homes.
There were two prestige sales with withheld results, including $9.2m in Northbridge, and a record-setting Drummoyne waterfront with its sale price unconfirmed at $13.125m. The Drummoyne Ave price guide had been $10m-plus for the renovated five-bedroom, five-bathroom 1920s house set on 1290sq m, one of the largest Parramatta River private landholdings in the Inner West.
It features a jetty, pontoon, 18m mooring pen and slipway with cradle.
There was another sale in Drummoyne when 16 registered bidders tuned into the online auction of 122 Gipps St, Drummoyne, which fetched $3.405m after the contemporary property was called on the market at $3.35m by its Ray White agent Chris Wilkins.
After 15 bids, the three-bedroom home sold to a young family from the area. It last sold in 2010 at $1.42m.
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Grand Graceville
Two of Brisbane’s big auction sales were grand homes. One was at Graceville where Liege, a Queenslander-style home, fetched $2.5m through Ray White Toowong agent Sharon King.
There were three bidders for the 29 Molonga Terrace, a five-bedroom house on 1214sq m complete with tennis court, with the Adelaide buyer never having stepped foot in the house. It last sold at $1.7m in 2014.
At Clayfield, a five-bedroom home at 6 Mabel St fetched $3.1m through Havig & Jackson.
Set on an 810sq m block, the 1918 home with classic colonial facade was on the market for only the third time. The home retains original VJ walls, high ceilings and hardwood flooring. It last sold at $618,000 in 2003.
Brisbane’s 78.5 per cent clearance rate was the weakest east coast capital, according to CoreLogic.
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Canberra shines
With 2920 homes taken to auction across the combined capital cities it was the fourth busiest auction week so far this year. The rising volume prompted a slightly lower preliminary clearance rate of 81.8 per cent, down from the prior week’s 83 per cent rate.
Canberra regained to its long-held ranking as the strongest capital city market with a 90 per cent success rate.
Its top sale came pre-auction when a contemporary O’Malley home sold for $4.55m through Blackshaw agent Mario Sanfrancesco. It was the suburb’s second-highest sale.
The two-storey Terry Ring-designed home, in an embassy enclave, comes with Black Mountain views from its 707sq m internal space.
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