Spring Market Report 2016
Buyer attention is well and truly focusing on the Noosa market as the oncoming tide of interstate visitors are eager to be here for our stunning spring weather. What is different this spring from last? Well, limited amounts of stock and a very stable market. Competition for property in Melbourne and Sydney has seen prices soar, and this makes the Noosa market look like very good value. Our market has certainly risen in price since last spring and there is no sign yet of it slowing.
This year has seen Sydney and Melbourne buyers with new found equity in their principle place of residence. This has in turn had them purchasing investment property in Noosa and driving our market upwards. Investors are seeing better returns in property than in bank interest, or a volatile stock market. We are now entering a new growth phase, with confidence being shown by Noosa residents who are also upgrading their positions. They see value in the short supply, especially in the prime positions. Older homes are being demolished completely making way for architect designed residences. Any vacant land is being snapped up quickly, and there is a lot of new building in the area.
The "smart money" has been purchasing and upgrading for over a year now. These purchasers, and those securing long term value are going to be well rewarded in the coming year. Once some of these prime opportunities have been taken out of the market and supply subsequently declines we will become aware of just how undersupplied the Noosa market really is.
We are still seeing built properties selling under replacement value. It is cheaper to buy these and renovate, than buy land and build, as land is fast running out and has seen a large price increase. Buyers really need to act on the current listed properties while the supply still exists. We are seeing a number of value buyers missing out on well priced properties thinking that better value may come on the market close by. Our advice is to get in while you can still afford it. The Noosa market is one market to watch very closely. If you are thinking of investing, don`t wait too long.
Some recent R&W Noosa sales