We are seeing a real surge in our Noosa market. There are numerous properties selling in the higher price ranges. Noosa Heads beachfront has now seen two sales above $7mill in the last few months (three bedroom apartments, taking the entire floor).
Noosa Sound has seen three waterfront sales on Noosa Parade alone and this market has been tightly held for years. We achieved the highest price for number 12, contracted at $6mill. In Noosa Waters, we also achieved strong prices for both 16 The Promontory $2.15m and 8 Seahorse $2.9m. Sunshine Beach also is now on the move with 6 sales on the beachfront in last year (there are only 52 beachfront homes). Whenever the stock market is going well, our upper end homes fire well too.
Why? Well, a number of reasons really but with a basis of buyers having a lot of confidence in our market. It is safe, iconic and the place where they want to be – Noosa is popular. As well because our market took a dip during the GFC, we are now being seen as great value. Buyers often tell us that. And it is easy to borrow money now – interest rates are low and money is plentiful. People who don’t need to borrow are thinking property is now the investment of choice because their income is higher than they can achieve in a bank. And as demand strengthens, we are struggling to have enough supply – it is very obviously tightening up.
We attended a seminar with chief economist Dr Andrew Wilson in this past week. His graph pictured below shows very clearly that our market is growing (8% for the Sunshine Coast last year in fact) but with much growth still to come. This indeed gives our buyers more confidence again. The graph below indicates that there is more growth to come during this expansionary phase.
Until next time
Peter Butt, Jennifer Car and Shane McCauley