Noosa - 2016 In Review

Noosa is back in vogue for visitors and investors with every measure confirming bubbling confidence and prosperity throughout the town.  Tourism Research Australia's latest International Visitor Survey has recently reported phenomenal statistics like a 73% increase in international visitor spending, seven times the Queensland average.   New Zealanders spent 104% more than last year! Apartment managers are consistently reporting high occupancy rates up around 90%, and rental property owners are enjoying the highest income they ever have.  These tourism dollars are flowing through the entire local economy including hospitality, trades, and every local business. 
 

Property continued its relentless push forward with prices rising and stock tightening on the back of record cheap finance and the flow on from strong growth in capital city markets.  Our full year auction clearance rate for 2016 was 87%, rivaling even the strongest capital city agencies.  Sydney buyers have featured strongly amongst our buyers more than ever before, splashing out on holiday homes and apartments.  Noosa has always been served well by Victorians, who treat Noosa as their own beach haven and escape from the cold.  People from Sydney on the other hand have their own great beaches & harbour with warmer weather than Melbourne, which is why we believed  they had a relatively low profile in our market, but for some reason that has changed & Noosa is right on trend for them. 
 


For Sale: Pat & Lara Rafter's beachfront home
 

The prize for the most expensive holiday home in 2016 goes to a buyer from Brisbane after paying $9,300,000 for a beachfront home in Sunshine Beach. It’s a record for our company and for the Sunshine Coast.  That record will be surpassed in 2017 when we sell a spectacular beachfront property for tennis legend Pat Rafter and his wife Lara.  It’s for sale at $18,000,000.  Another former world number one player Thomas Muster sold his $5,900,000 riverfront home through our company to a Sydney couple as a holiday home. 
 


Sold: Thomas Muster's $5,900,000 riverfront home
 

Thomas Muster’s former county estate on 88 acres on the Noosa Tableland which is now owned by songwriter Mike Chapman OAM is being sold through us for $6,000,000, $2,000,000 less than he paid for it and proves there is plenty of value buying remaining in Noosa.  The property comes with a Wimbledon standard tennis court complete with authentic timber net posts from Wimbledon. There’s also a helipad, private lake, and a sprawling single level federation style house with views over Noosa.
 


For Sale: 88 acre county estate
 

The Real Estate Institute reports that Noosa has Queensland’s lowest permanent rental vacancy rate of just 1.2%. The reason for this is Noosa’s long standing ‘Population Cap” town planning policies which have locked down the potential for any significant increase in housing/unit stocks.   There is intense buyer competition for the existing housing stocks from 4 distinct quarters.   There are owner occupiers, there are people buying for their future intended relocation to Noosa, investors who rent out their properties for holidays or permanents, and buyers who lock up and leave their second homes.


Noosa’s mayor Tony Wellington told me our population growth is next to zero.  I think that’s because for someone to check into Noosa, someone has to make room for them and check out and there is nothing I see on the horizon that will relieve that pressure. Consequentially prices will go through a strong growth phase into the foreseeable future. Virtually all of the 15% growth in visitor numbers in 2016, and the previous year, has been absorbed by more efficient use of housing stocks by owners using portals like air B&B and Stays. These market interrupters have made it so easy for owners to self manage their properties which I think is great. They make it possible for property owners to run their own rental enterprise, and many do it with greater attention to detail than traditional rental agencies can.  Guests enjoy a better holiday experience and reports from owners that they have doubled their income since self-managing are not uncommon.


Real estate agencies across the country mostly go into holiday mode over January, but in places like Noosa it’s business as usual. Our offices have a dozen auctions and an exciting cross-section of properties on offer over the break, with exquisite properties on the beach, the river, the canals, the golf course, and famous Hastings Street. 


Tom Offermann


 

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