Post election- Noosa Market comes to life

As anticipated, the Noosa real estate market experienced a slowdown leading up to the Federal election, with many buyers actively searching but hesitant to commit. However, in the aftermath of the elections, we've observed a noticeable uptick in market activity as life resumes its normal pace.

In the week following the elections, inquiry levels surged, with buyers returning to a more decisive mindset. Despite this renewed interest, the inventory of properties available for sale in Noosa remains limited. Several waterfront homes in Noosa Waters have recently sold, ranging from just above the waterfront entry price of $4.3 million to nearly $7 million for a premium south-facing waterfront property. This trend continues to close the gap between the values of Noosa Waters and Noosa Sound.

Currently, well-appointed homes in prime Northerly waterfront locations are achieving prices of over $10 million, with architecturally designed properties in the best North-facing spots fetching between $12 million and $13 million, should any become available. For comparison, the most prestigious waterfront homes in Noosa Sound have reached prices between $25 million and $30 million.

Noosa Sound is a similar story with very few homes available. There was a sale of an East facing home overlooking the Noosa Lions Park, in the $17 Million range the home needing upgrades.

The only vacant lot on Witta Circle with a Main River location and aspect overlooking the forest behind, sold in the $18 Million range. Sales of older non waterfront homes on the inner Circle of Witta, have been in the high $5 Million to high $6 Million range offering excellent value for the prized location.

Sunshine Beach is a similar story with limited availability with good homes selling for solid prices.

Generally, across Noosa well-built and designed homes continue to sell well as the prohibitive and often unpredictable costs associated with building make existing quality homes an attractive option.      

While prime locations are seeing successful sales, it's worth noting that some listings have been withdrawn, likely due to changing circumstances or unmet expectations. This scenario results in a constrained selection for buyers in the area.

Looking ahead, the level of market activity will depend significantly on overall business confidence and economic conditions, as well as continued migration from our major capital cities. We anticipate a consistent and gradual increase in activity throughout the year, especially given the limited supply.

Buyers are encouraged to act decisively when they find a property they love, as similar opportunities may be scarce. On the other hand, sellers should remain aware that while the market remains tight, it is neutral market. Overpromising by agents could lead to disappointments, so a realistic and optimistic approach, with a focus on time on the market, is essential.

Stay tuned for more updates as we continue to monitor the dynamic Noosa real estate landscape!

What are buyers and sellers talking about?

Concerns around changes to superannuation taxes is at the forefront of buyer’s minds and we are monitoring closely the outcomes so we may advise client on how this will impact segments of the market.

We will cover this in future updates when appropriate.

Lower interest rates will have an indirect benefit to Noosa; many cash investors are now considering where they might place money in the property market

Lack of spacious liveable unit development is impacting Noosa as downsizers find their options becoming increasingly limited.

Building costs have many sellers opting for home improvements rather than relocating and building, homes with good renovation potential are favoured by buyers over a new build.

Shrinking STA market is directing guests towards a smaller pool of options despite bookings being down at present, holiday apartments are set to become a better investment over the long term as this continues.

 Dan Neylan

Director