Real buzz with CBD revamp
THERE is a real buzz around Maroochydore at the moment.
There seems to be something happening everywhere you look, whether it be new development projects or venues. It’s more like an unwrapping or an awakening as areas have become more walkable and inviting.
New streets, cycle paths and an urban square are starting to take shape, breathing new life into the heart of the region.
Between ocean and river, Maroochydore has been designated as the Sunshine Coast’s commercial hub and is living up to that with the development of the new 52ha CBD.
With ground work well under way, and street connections in progress, the Maroochydore CBD is starting to take shape.
Smart infrastructure, including the underground services, are nearing completion and street construction is well advanced.
Perimeter works on the CBD have included the Evans St upgrade and Maud St access, along with work on the gateway site at the corner of Aerodrome Rd and Maud St.
Property is big business as retailers, professional services and residents want to position themselves around the hub, to utilise the ideal space within the CBD.
Lendlease are advanced with the $400-million expansion of Sunshine Plaza, which will see a number of new speciality shops introduced to the area.
A further $40 million will be spent on major refurbishments to the existing centre, including a revitalised town square meeting area and Riverwalk precinct.
The $20m refurbishment of the Big Top shopping complex borders on to the Ocean St precinct.
Once purely retail, this hive of eateries by day and clubs by night has generated new life into the zone.
Other businesses are repositioning themselves around the city heart in preparation for the development planned for the next two decades.
At the southern end of the CBD, Bunnings have shown confidence in the Coast with a $40m superstore in Dalton Dve, with Officeworks following suit.
Today, at the heart of change in the Sunshine Coast property market, Maroochydore offers a variety of product as well as price points.
Sunshine Cove, a residential estate in the CBD, is nearing the final stages. The innovative house designs are appealing to a wide range of buyers, from first home buyers to downsizers.
At Picnic Point, Pinnacle and The Ivy are under construction, while Vue on Bradman Ave is nearing a start.
Other developments include The Cosmopolitan at Cotton Tree, which is coming out of the ground, and Tide Residences along Broadwater Dve, where ground work is well advanced.
The median sales price at February was $610,000, up from $570,000 in January 2017 and there has been steady growth over five years from $442,500.
The median unit price was $417,500, up from $410,000 in October, according to CoreLogic.
The median land price is $270,500.
The number of house sales for the 12 months to February 2018 was 171, compared to 130 in 2009.
Units sales were 487 for the year to February, and 431 in 2009, while land sales were 119 as opposed to nine in 2009.
Most house sales for the year were in the $400,000–600,000 (68) and $600,000–800,000 (73) ranges.
It was also at the pointy end of a very tight rental market, with real estate agencies reporting low rental vacancies.
This brought confidence back into the investment market and it is little wonder.
An aerial photo of the CBD development in Maroochydore.