A luxury apartment development in one Queensland suburb is growing in strength, according to a leading property investment company.
Cape Bouvard Investments reports that prestige apartment buyers have stepped up the momentum at Settler’s Cove in Noosa, with four new sales worth $7 million taking place in the third stage, Iluka, during October.
The recent deals take total sales in Iluka past $27 million, and represent a quickening in earlier buyer activity, which saw eight pre-sales worth a total of $20 million achieved between the project’s launch in 2011 and the commencement of settlements in September this year.
At between $1.77 million and $1.9 million, these recent sales continue the trend of selling from the top down, representing the next highest priced stock after all the circa $3 million top-floor apartments were snapped up off the plan.
Overlooking Noosa Sound, the 22-apartment Iluka followed Settler’s Cove’s first two stages, Elandra and Riverlight, which achieved average prices of $2 million.
Cape Bouvard spokesman Gary Godfrey said Iluka’s launch into a more circumspect post-GFC market saw a slow take-up of early off-the-plan sales.
“We saw it in 2011, 2012 and earlier this year – it was a tough market to crack,” he said.
“Buyers were very hesitant to dip their toes into the prestige property market, given what transpired during and after the GFC.
“That resistance started to ease as Iluka came out of the ground and as buyers began to see the development was living up to expectations of exceeding the quality standards set to date.
“Since construction concluded, sales and enquiries have really stepped up as prospective buyers see and experience the finished product for themselves.”
Settler’s Cove sales and marketing manager Dane Larcombe said the sales to date were achieved at full asking prices that were commensurate with, if not in excess of, the pre-GFC prices paid in previous stages.
Mr Larcombe said Iluka offered a clear point of difference to the previous stages, which he believed would continue to galvanise a new wave of buyers impressed by the subtle improvements in the layouts and the array of luxury inclusions.
“Prospective buyers have been circling for some time, eager to see Iluka’s points of difference and superior inclusions,” he said.
“For our recent purchasers, the benefit of seeing the complex completed has given them the confidence to move forward with their acquisition.
“We expect this trend to continue now that we are able to fully showcase the Iluka complex.”
The 10 remaining apartments for sale in Iluka offer internal living areas from 213 square metres and are priced from $1.625 million.