Record low interest rates have had a significant impact on the residential property market in the first half of this year with prices surging across the major capital cities. Sydney and Melbourne have increased by 16.2% and 10.2% with average days on market 26 and 32 respectively. Whilst the Noosa market isn’t running as hot as these two markets, we are seeing a steady stream of cash from these two cities making its way up to Noosa with holiday homes and apartments once again being snapped up. Mums and Dads are also back in the bricks and mortar market also because they aren’t earning sufficient interest in the banks. As well, Australian expats are buying because the low Australian dollar is making us specially good value. In the past 6 months Noosa has risen in value – without doubt. It is now difficult finding properties for buyers, they are becoming fewer and the choice is very limited. The Sunshine Coast has been named Queensland`s fastest growing property market, with the Noosa region being the jewel in the crown. There has been a big turnaround in the so-called `lifestyle market` with increased consumer confidence. A lack of stock is increasing competition on properties, and therefore prices. We think sellers are holding off for our Spring market, they can get a very good price now, but Noosa in Spring is just gorgeous.
We are also seeing better clearance rates at auctions, with good attendances and multiple registered bidders. When the market is buoyant, auction is a very effective way to market a property, securing not only a result in a good time frame but often prices exceeding owners` expectations.
Properties across all price ranges have been selling. We’ve sold a variety of properties in the last month from a Noosa Waters’ waterfront home for $2.4mill, a 1 bedroom Noosa beachfront apartment for $1.6mill, a Sunrise Beach family home for $895,000, all the way down to Hastings Street apartments in the $400,000 to $600,000s.
We are in the dead of winter (our traditionally quiet time) and we are transacting properties hand over fist. Noosa’s idea of ‘dead of winter’ isn’t quite as serious as elsewhere, it is 24 degrees today, hardly a breeze and the beach looks beautiful.
Here’s a pic for you to enjoy.
Shane, Jennifer & Peter