Demand for apartments is not letting up on the Sunshine Coast.
Cube Developments, led by veteran developer Scott Juniper, have secured a sell out of their $27 million apartment project One Prosperity in the small waterfront suburb of Birtinya, and are soon to sell all of the apartments in their boutique Mooloolaba project Picasso.
Picasso saw high demand from investors from Sydney and Melbourne, and Juniper says the trend, which he’s seen across the whole of the portfolio, isn’t slowing down.
“The demand on the Sunshine Coast has been exceptional,” Juniper says.
“We had a much higher increase in both investor demand and owner occupier demand from Melbourne and Sydney,” Juniper says, adding that there are still high number of owner-occupiers moving from the southern states to the Sunshine Coast.
“People are still not tied to the city, there’s been no change to that”, Juniper says.
Investors are still keen from Sydney and Melbourne, with the vacancy rate holding firm at record lows of around 0.5 per cent.
Cube’s latest offering is Seasons by Cube, which Juniper says is a much more budget conscious apartment development in Birtinya.
The majority of stock in the development of 146 apartments is under $600,000, with it focused on bringing an affordable product to the market.
Prices start from $495,000.
Cube only have a handful of apartments left at another one of their Birtinya developments, Curve, which is set for completion in July.
“There are quite a few people in the market looking to move immediately, reflected by the area’s very low vacancy rate”, Juniper suggests, adding that that gives Curve an advantage in the current market that the product will be available to move in in just a few months.
Cube have their premium product, Nature at Cotton Tree in Maroochydore, overlooking Rotary Park and the Maroochy River.
Juniper told Cottee Parker Architects to deliver the best the Sunshine Coast has ever seen.
“Nature allowed me to do some things you couldn’t do in other developments”, Juniper says of the boutique 13 apartment development. The ground floor is dedicated tp communal space and facilities including a 25-metre lap pool, gym, steam room and sauna and yoga studio, as well as barbecue areas and a private dining area.
Cube are also in the planning stages of one of their best projects to date in Alexandra Headland.
Author: Joel Robinson