Auction action: how baby boomers are leading the charge to buy luxury beachside apartments

While property prices continue to fall nationwide, interest in beachside apartments remains sky high.

A multi-level penthouse atop Osprey Apartments Mooloolaba drew bids of well over $2m during a weekend auction.

It was passed in, before it attracted even more post-auction attention.

Sales agent/principal at McGrath Buderim and Mooloolaba Damien Michael said prospective buyers could be paying significantly more.

“Were looking at interest with a three in it, and we’ve already got some private inspections for the week ahead,” he said.

The three-bedroom, two bathroom, two-car-spaces penthouse, at 58/1-3 Buderim Avenue, boasts panoramic views of the Pacific Ocean to the east and the Glass House Mountains to the west.

It’s about 100m from the water’s edge and is central to retail, restaurants and services.

Property prices have fallen recently, but are still above pre-COVID levels.

Mr Michael said beachside apartments were still attracting top dollar.

luxury beachside apartments rooftop spa
The rooftop spa at the penthouse.

“I haven’t seen that market go back yet and we’re pretty confident that the high-end market along the eastern seaboard might hold,” he said.

He said the penthouse at Osprey, and ones like it, were particularly appealing to prospective buyers.

“It’s nice and high and it’s at Mooloolaba, so you’ve got the beach position, with big ocean views,” he said.

“Mooloolaba is a north-facing cove like Byron and Noosa, which is why they are such popular locations.

“And this one is next to Alex (Headland) so you have the best of both worlds.”

But it was the ample space that made a difference.

“A lot of the high-rises along the front (at Mooloolaba) were built in the 1980s and 1990s, when quite a lot of apartments were a lot more generous in size,” he said.

“A lot of the baby boomers who are downsizing want lifestyle-sized apartments.

The unique area on the rooftop of the penthouse.
The unique area on the rooftop of the penthouse.

“The new products don’t offer that so they fall back to a lot of the floor plans that were built in the ’80s and ’90s.

“Osprey is one of those and this (penthouse) offers just over 300sqm of living.

“The downsizers often have grandkids too, so when they move out of their large home and downsize they want to be able to accommodate the whole family.”

Selection of auction results

49/62-66 Sixth Avenue, Maroochydore

  • Sold for $1.270m.
  • 2 Bed, 2 Bath, 2 Car.
  • Ray White, Reuben Park.

1/33 Baden Powell Street, Maroochydore

  • Sold under the hammer for $505,000.
  • 2 Bed, 1 Bath, 1 Car.
  • Define Property, Ross Cattle.

1 Moya Street, Battery Hill.

  • Sold prior to auction for $900,000.
  • 3 Bed, 2 Bath, 2 Car.
  • Ray White, Julie Shirvington.

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