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Downsizers driving luxury unit demand in blue-chip suburbs

Mosaic Property
Mosaic Property
03/04/19

Sunshine Coast Daily - Soaring demand for high quality, large, luxury apartments has driven confidence in developers to offer less dense, premium products to the market.

Soaring demand for high quality, large, luxury apartments has driven confidence in developers to offer less dense, premium products to the market.

REIQ Sunshine Coast zone chair and Century 21 on Duporth owner Damien Said said the demand for premium units had driven confidence to create more smaller-scale, finely-finished developments.

“There’s definitely a strong demand, especially in key locations,” he said.

He said a certain demographic on the Coast was relocating from luxury homes, downsizing into the premium apartments.

They still wanted space, hence the demand for house-sized units, but the lower maintenance and increased facilities, like gyms, pontoons, pools, saunas and more, were driving them into the penthouse-style market.

Avalon by Mosaic features an exceptional level of amenity including a full sized gym, resort pool, sauna & steam rooms. It even has a private pontoon with watercraft storage and concierge

Mr Said said recent sales included two for more than $5 million in Mooloolaba, a penthouse in Mosaic’s Avalon complex which was snapped up for $6 million and a sub-penthouse for $5.6 million.

The flow-on effect of those downsizers moving from their elite homes into luxury apartments was that others were snapping up the opportunity to move into the elite homes, often waterfront, being vacated.

Mr Said said many of those were Coast locals making the move from traditional homes into more upmarket houses.

Source: Sunshine Coast Daily, Scott Sawyer, 2 April 2019