The Noosa market has continued to see active buyer participation across the board. Stock levels are continuing to be in decline. Our recent auction delivered an increase in the number of registered bidders and multiple bidders were again participating competitively for the available stock some examples of this were an un renovated apartment in Little Cove which sold under the hammer at $940,000 after competitive bidding from two parties. Although this property sold slightly under the reserve, it brought the sales process to a head and the price appears to be fair market. An older home on a beautiful site on Noosa Sound was under competition from three bidders and this property is expected to signed off imminently.
While the autumn market post Easter is normally seen as the tail end of the January peak activity, this year has proven to be a more intensive activity period over and above 2012. Discussion within the industry seems to confirm
that we are definitely at the bottom of the market and the Spring market may well see the start of an upward cycle, although the speed of this recovery will yet to be determined.
At the higher end of the market R&W are pleased to report two solid sales in the Sunshine Beach market. “Cloud Break” in Kiamba Court has sold for a solid price in the low $4 millions, which sees the price of a non beachfront property at levels of that seen pre GFC. While “Cloud Break” is certainly a stunning home in a unique position, this will be an encouraging sign for potential sellers who are waiting to see some positive signs in this market before listing their properties for sale.
The Sunshine Beachfront market will also see a lift in sales results with the sale of 2 Arakoon Crescent, whichJennifer Carr will soon be announcing. Arakoon Crescent is regarded as the “Toorak Position” of Sunshine Beach, being within easy walking distance of the village and access to the beach. Peter Butt and Jennifer Carr will be offering other opportunities in this highly desirable locations coming into the Spring market.
While some buyers may be delaying their final decisions until after the September election results others are definitely making their moves now. We are seeing stock depletion on the waterfront in Noosa Waters and we are expecting to see competition for the fresh Stock that will be coming on in this sector of the market. Shane McCauley and Frank Milat are the “go to” agents for this market sector.
Well positioned property on Noosa Hill has also seen a number of recent sales Kate Cox is offering a selected choice of 2 & 3 bedroom apartments and also a choice of extremely good valued homes in this central location. Graham Smith from R&W has also been very active in the market place with a number of apartments in Noosaville lowering his stock levels.
Our overall perspective of the current market for buyers is: act now when you have refined your search and determined your choice as it may not be there tomorrow. The stock that has been on the market will be cheaper than the next to come on to the market and once the current well positioned stock is gone it may take some time to replace it.
To those prospective sellers we would suggest the lead in to the Spring market is definitely going to be a better time to sell than what we have seen in previous years. We would also add that while prices will be still back from the peak levels of some years ago buying and selling within the same market will also mean that you will also pick up your next buying opportunity at a price well below the peak levels. Life moves on.
Peter Butt and Jennifer Carr
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