Buyers Make Their Move

The Noosa Real Estate market continues to sell along consistently, creating real opportunities for buyers, they may still be unaware of. It’s a time when real opportunities are there to be had, properties that don’t often become available present themselves and are not sold overnight. Given conditions are set for solid capital appreciation, now is the time to secure a really good property before it all moves forward, here's simply why. Capital appreciation across the Sunshine Coast is tipped to be as high as 16% with Noosa and its limited supply surely at the top end of this growth. Building costs are one of the factors underpinning the market. It has been estimated that building costs in Queensland have risen as high as 57% from pre covid levels. This makes buying an existing home pretty damn attractive! Considering the time it also takes to get a home built, it should be no surprise that quality existing homes are escalating in value. But this is not the only factor impacting values, Northern migration from southern capital cities is still very much on with 22.3 per cent from Greater Sydney and 21.9 per cent from Greater Melbourne choosing to move to SEQ and regional Queensland locations.

Even in Brisbane, for every 1 family that moves out 2.48 are moving in, according to Muval’s Family Relocation Report. The capital growth rate in Brisbane has been just over 7% for homes and just over 13% for apartments, which reflects the demand detailed above. Typically, when a capital city is booming along the regional areas around it also benefit and we are certainly seeing this on the Sunshine Coast and Noosa. Buyers are relocating to regional Queensland for more space and a slower pace of life, all while staying within reach of jobs and services. So, the opportunity to secure really good property in Noosa will pay significant dividends moving forward, as ongoing pressure running into the Olympics will see significant capital appreciation over the coming years, and now is the time to take advantage of this.

Currently, there are 2 stunning homes in Little Cove for sale in great locations, both recently built and selling at prices that are almost at a level they would cost to buy the land and build, accounting for the 3 years it now takes from start to finish.  Other well-located properties have sold quickly, a North facing home on Noosa Parade sold at auction circa $20 Million in just 3 weeks. A stunning new home sold on Cooloola Hill behind the Noosa Junction for $6 Million, setting a new record for the area. We have a house in Witta Circle, usually impossible to buy into, that would make the perfect holiday house or site to rebuild a luxury residence. These are the opportunities that many look back and wish they had acted on at the time.

Moving into the second half of the year, activity will increase as we prepare properties for August and September both prime selling periods. We expect to see an interest rate cut in August, which sends a message to the market that stimulating the property sector is high on the government's agenda. Southern market turnover increases this time of year, sending buyers North to secure property, especially out of Victoria.

Trend Summary 

Activity

- Consistent but subdued- good opportunities, less competition for now!

South-East QLD

-  Strong quarterly and annual growth; outperforms Sydney/Melbourne.

Brisbane

- Median ~ $918 K; 7.1% annual growth; low vacancy; high demand- buoyancy impacts Noosa.

Noosa Region

- Premium market; prices topping ~$2.3M; projected continued uplift to 2032 – demand and building costs underpin values.

Migration Patterns

- Inbound migration from Sydney/Melbourne is boosting regional and SEQ markets- particularly lifestyle locations such as Noosa.

Major changes for property sales in Queensland

With seller disclosure scheme taking effect from 1 August. Sellers will have to declare key information about a property to buyers before they sign a contract. Under the new laws, a seller must provide key disclosure information and documents to a buyer before the buyer signs a contract for sale.  The changes are designed to clarify legal obligations for both parties through a more transparent sale process and bring Queensland into line with other states that have disclosure schemes in place. 

The statutory seller disclosure statement sets out a range of information about the property for sale, including: 

• Title details
• Encumbrances
• Proposed transport infrastructure notices  
• Any notice of intention to resume the property  
• Land contamination and environmental protection matters under the Environmental Protection Act 1994
• Rates and water charges
• Any relevant application or orders under the Neighbourhood Disputes (Dividing Fences and Trees) Act 2011. 

If you are thinking of selling and would like further information on what is required, we have an information sheet that we can provide to you.

Dan Neylan

Director