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Market Performance & Trends
As we move out of the holiday period, sales results have been vast and varied. Several high-value transactions have taken place across key markets:
- 54 The Peninsula, Noosa Waters – sold well over $10 million
- Noosa Sound, Key Court – inner canal home exceeding $8 million
- River Gums, Russell Street – two-bedroom riverfront apartment with views to the river mouth, transacted around $3 million, offering strong value for the location
- Little Cove townhouse – sold for just over $2 million
- Kareela Avenue home – currently under contract at just over $9 million
- 15 Wyuna Drive – currently under contract see article below
While notable sales have occurred, many properties remain unsold, primarily due to overpricing. There has also been a noticeable absence of transactions in prime beachfront and deep-waterfront locations, largely due to a lack of available stock rather than a lack of demand.
Additionally, Victorian buyers—traditionally a significant presence in the Noosa market—have been notably absent. This is due to an oversupply of properties for sale in Victoria following increased land tax burdens, which has slowed their ability to transact. However, once these conditions stabilize, we expect to see Victorian buyers returning with strong purchasing intent. Reductions in interest rates have yet to have a direct impact of any significance on our market, if these continue though we expect an increase in market activity.
As we move towards a federal election, already buyers are hesitating to pull the trigger on property purchases, creating lucrative outcomes for more experienced, less nervous purchasers ready to make a move. There is a noticeable change in the volume of buyers active in the market who will actually make a decision. Hesitating or holding off on a purchase to wait for the outcome of an election is and has always been a ridiculous thing to do. No matter the outcome, your need to buy or sell doesn’t change, few of us are directly affected. Missing the perfect home or lucrative investment impacts us more than the election outcome.
Key Legislative Changes for Sellers
Several important legal updates are coming into effect for property sales in Queensland:
- Clearance Certificates – Previously required for sales above $700,000, clearance certificates are now mandatory for all property sales. While these are typically arranged by a solicitor before settlement, new legislation requires them to be obtained before entering into a contract, making early preparation essential.
- Expanded Disclosure Requirements – New regulations will soon require sellers to provide a more comprehensive disclosure statement to buyers, similar to Victoria’s Section 32 Statement. Previously, such disclosures were only required for body corporate properties, but they will now extend to freehold properties. Sellers should ensure the following are in order before listing:
- Compliance with smoke alarm, safety switch, and pool fencing regulations
- Up-to-date pest control and termite treatments
- Final certificates for any building works, including plumbing and waterproofing
- Copy of title search added
- Copy of site plan added
- Any unregistered or registered encumbrances added
- Amounts for rates charges and water connection charges declared
It is likely these requirements will expand over time that will require assorted searches. While agents can prepare these documents it is advisable that a solicitor prepare these disclosures. It will be a requirement to have these prepared and provided to buyers before they sign a contract. Therefore, such disclosures should be ordered early allowing time for them to be prepared and available prior to offering property to potential buyers. This makes selling property off market far less fluid as this disclosure must be prepared and provided before any contract is signed.
Dan Neylan
Director
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