30 Jul 2010

Spring Market Report

The market this year has been interesting to say the least. In January / February there was good news coming from the US housing market that seemed to indicate an upward trend in the making.

Then in March April we had the onset of the Greek Financial crisis, which then cooled down the market significantly. On top of this and flowing on into May / June, the Federal Government announced the Mining Super Profits Tax, not only making us the laughing stock of the world, but causing the ASX to retreat and closing down the property market in general. All in all, a woeful start to the year.

There has been a sell off in the ASX and we now see the four major banking institutions have a combined $980 billion sitting in cash deposits. This indicates that there are many people cashed up and sitting on the sidelines.

In my 23 years of selling in the Noosa market I have never seen so many “great buys” available. This gives grounds for the old adage, “Buy in Gloom and Sell in Boom”.

We anticipate seeing a big turnover of property through spring and a steady run through into the summer months. This is the period that historically sees an uplift in the Noosa Market and with prices down to the current levels, buyers will look back in the coming years knowing that they have bought extremely well.

Our office in the past 12 months, fortunately enjoyed an increase in the volume and value of sales over the previous year. We certainly had to roll up our sleeves to achieve this result though. In the last month for example we’ve sold 2 waterfront properties in famed Witta Circle on Noosa Sound. Where the price of one is confidential – the other is on the record at a neat $4million. Both homes are ready for a makeover. There has been renewed interest in Hastings Street Non-beachfront with sales being recorded by R&W in both the Sebel Resort and The French Quarter. Over in Noosaville we had great success with one apartment selling under the hammer at Auction and another prior.

R&W will be showcasing our Spring Auction Campaign on 2nd October at the Sheraton Noosa and we have selected properties that we believe will show exceptional value for astute buyers. We are currently seeing an increase in numbers at our open for inspections and walk in enquiry in our Hastings Street office is also on the rise. The natural beauty, sunbelt migration and the geographic boundaries of Noosa that restricts the supply of property always sustain an uplift in our market. This is the steel in the foundations of our market and sometimes the steel bends but it never breaks. The prices this spring may never be repeated again!

Good Health,

Peter and Jennifer

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