GOING, GOING, GONE: Ray White auctioneer Brett Graham calls the bidding at 21 Syrenuse, Brisbane Rd, Mooloolaba, for Bren Higgins of the Mooloolaba office.
GOING, GOING, GONE: Ray White auctioneer Brett Graham calls the bidding at 21 Syrenuse, Brisbane Rd, Mooloolaba, for Bren Higgins of the Mooloolaba office. Erle Levey

Million-dollar apartment bought off-plan for just $85k

THE value of good design was shown to stand the test of time with the sale at auction of an apartment at the landmark Syrenuse building in Mooloolaba on Saturday.

Initially bought off the plan in 1981 for $85,000, the seventh-floor apartment, that enjoys north-easterly views over Mooloolaba Bay to Point Cartwright, sold under the hammer for $1.145million.

Marketing agent Brent Higgins of Ray White Mooloolaba said there was strong interest in the property right from day one of the auction campaign.

Syrenuse, on the corner of Brisbane Rd and Mooloolaba's Esplanade, achieved an Australian Institute of Architects award for Noel Robinson Architects in 2014 for its enduring quality.

The location is arguably second to none along the Esplanade in regard to ocean outlook and the three-bedroom, two-bathroom apartment underlines the value of property as an investment.

It has been held since 1993 for family use and the cumulative effect of 7 per cent gains each year doubled the value every 10 years.

In opening the property for bidding, Ray White auctioneer Brett Graham said apartments in the building were very tightly held with nine apartments sold in 23 years.

From an $800,000 start it had 34 bids before selling at $1.145m.

"There was interest in the property right from start,'' Mr Higgins said, "and the two key bidders were among the first.

"I was still fielding questions from the eventual buyer Friday afternoon in regard to body corporate.''

The buyers, from Brisbane, intend to renovate the apartment for personal use but Mr Higgins said they realised it was more important to secure the sale first.

"They were aware of how few apartments are offered in Syrenuse and didn't want to miss out. The under-bidders are within the complex and looking to upgrade.''

The Syrenuse auction was one of 23 properties Ray White offices on the Sunshine Coast took to auction on Saturday with stong results being reported.

Ray White Maroochydore's Dan Sowden, who called some of the auctions, said it was the second biggest day of the year outside the group's in-rooms spring auctions.

"The agents are working hard and getting four or five bidders at most properties," Mr Sowden said.

"In a normal market, you would not get that. It shows they are working with buyers beforehand.''



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