According to Hotspotting.com.au, the Sunshine Coast is currently at the start of a long-term growth cycle.
In the housing market, many suburbs have had double-digit growth over the past year, with many others close to 10 per cent, he adds.
The growth is all due to the fundamental change that has taken place on the Sunshine Coast, with strong infrastructure spending and a broadening economy moving away from its reliance on tourism.
“It’s really all about infrastructure spending,” Ryder says. “The total list of projects recently completed or under construction is over $20 billion, which is huge for a city of this size.”
The $2 billion Sunshine Coast University Hospital, which opened in April 2017, was a significant project for the region, along with the $150 million private hospital built in association with it.
Current major projects include a $1 billion upgrade to the Bruce Highway, a $347 million expansion of the Sunshine Coast Airport and the creation of a new $430 million Maroochydore City Centre, which will include commercial, retail, entertainment and residential components.
“All of this brings new businesses into the Sunshine Coast, diversifies the economy and creates a lot of jobs,” Ryder says.
He says Maroochydore was the logical choice for a new CBD in the region, being not only at its geographical centre, but also its “nerve” or commercial centre.
The Milk Bar Coffee Co owner and chef Alex Cossell decided to open his business on Maroochydore’s Sixth Avenue, just one block from the beach, more than two years ago, identifying an opportunity in what he describes as a “central hub” filled with plenty of locals and tourists.
“The cafe culture is epic,” Cossell says. “There are plenty of amenities within the area too, with great parks and playground areas for the young families.”
Cossell believes Maroochydore will be completely different in five years’ time.
“It is definitely growing at the moment, with so much more expansion in the works with the new CBD development just around the corner.”
Plenty of buyers, particularly locals, are also excited by what’s taking place in and around Maroochydore. They’re being drawn to the thriving area, taking advantage of the chance to buy before is it completely revitalised.
Rise Maroochydore Beach, a new luxury ocean-view development offering 48 apartments, is proving to be one popular opportunity.
The 12-storey building, situated on Sixth Avenue in the Cotton Tree neighbourhood of Maroochydore, received more than 700 expressions of interest prior to its launch, according to Colliers International.
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It appeals to owner-occupiers as it has generously sized two- and three-bedroom configurations, as well as two-level, four-bedroom penthouses, with prices ranging from $500,000 to $3 million.
“The Sunshine Coast used to be known for Mooloolaba and Noosa, but it’s becoming a lot more known for Maroochydore,” says Daniel Hirst of Colliers International, who is marketing Rise.
“Mooloolaba and Noosa are more holiday accommodation areas, while the Maroochydore and Cotton Tree areas are becoming a preferred residential choice for people who want to live in high-quality luxury apartments and have restaurants close to hand.
“They are professional couples in their mid-40s, people upgrading with young families, downsizers, retirees and semi-retirees.”
Rise offers a point of difference to other apartment developments, Hirst says, in that it benefits from Maroochydore’s growth but it’s not right in the hub of all the activity. Rather, it’s within easy walking distance.
“It’s connected to everything but it still has a quiet lifestyle,” he says. “You can walk a couple of hundred metres to the beach, restaurants and cafes, but you don’t have all the foot and vehicle traffic at your front door.”
Rise is also unique in that it offers the closest new apartments to the ocean in Maroochydore, with development of this scale currently not allowed any closer – which also means the views can’t be built out.