Why a Maroochydore investor has bought four apartments with Habitat: Urban Buyer Q&A
Since the plans were established in 2014 to create the new Maroochydore CBD—transforming the former Horton Park Golf Course into a thriving greenfield city—both local and interstate investors have been drawn to the growing centre of the Sunshine Coast.
While holidaymakers argue Noosa is the heart of the Sunshine Coast, those seeking a city with strong employment opportunities and thriving sectors in education and healthcare are increasingly flocking to Maroochydore.
The multi-billion dollar investment is turning what was once a retirement town into a thriving city with a self-sustaining economy.
Local property investor Andrew knew what the infrastructure pipeline for Maroochydore would do to the property market. Over the years he's secured four apartments with builder developer Habitat Development Group, one of the biggest apartment developments on the Sunshine Coast for the last two decades.
First he bought two apartments in a previous development by Habitat. Now he has just settled on two more apartments in the newly completed The Corso, one of only two new apartment developments in the evolving Maroochydore CBD.
"I am constantly staying up to date on the market, and looking for locations that are likely to outperform the greater market, plus of course developers who deliver value and a reliably good product," Andrew says.
"I have strong trust in Habitat Development Group, and I believe Maroochydore will perform well in terms of capital growth and rental growth in the medium to long term."
Andrew secured a three-bedroom penthouse apartment in The Corso, driven by the high-end finishes, high ceilings which made it feel more like a house than an apartment, and the large floorplan on offer.
Holding equal importance for Andrew as an investor are the facilities in the building
"Having amenity that will attract good quality tenants is one of the biggest drawcards to an apartment development," Andrew says, adding that the pool and lawn area, barbecue facilities, high-end private dining room, and work-from-home-space in The Corso would assist in securing great tenants.
He says that he always looks for locations with a high walkability score and significant amenity that is close.
"The Maroochydore CBD cannot be beaten in terms of its proximity to amenity and future government investment, and so the location really ticked all of my boxes."
Ultimately however, it came down to the reputation of Habitat.
"There are always risks in buying off the plan, and that is why I am such a big believer in Habitat," Andrew says, noting that the way they operate with their inhouse construction arm should fill any prospective buyer with confidence in their apartments.
"Most developments have to sell 50 per cent or so of their development before a bank will lend them money to start building. Habitat is not one of these developers."
Andrew bought his apartments just as the project launched back in 2022. Since then, according to CoreLogic, the Sunshine Coast unit market has boomed nealy 18 per cent, taking the new median unit value to $859,000.
Situated in the heart of the new Maroochydore CBD, The Corso comprises 158 apartments across two towers.
Only three-bedroom units, including a sub-penthouse and penthouse, remain on the market, with prices just below $1.7 million.
Andrew took part in Urban's Buyer Q&A series which focuses on the driving factors behind buying off the plan property in Australia
