2017 was an upbeat year for the Noosa property market as buyers converged from around the country and globe to secure their place in the sun. Tom Offermann Real Estate’s principal Tom said “Whichever metric you look at, Noosa is on trend. Sales volumes and prices are up, and our auction clearance rates have been at a vigorous 87% for the past 2 years. Commonly more than 5 bidders, sometimes over 10 are keenly registering for each auction.”
“Our company’s top 10 sales for 2017 averaged $6,045,000, up from $4,980,000 the previous year. At the other end of the spectrum the lowest 10 sales averaged $299,000 which shows Noosa has something to offer nearly every budget. Across all our sales the average was $1,430,000, the lowest was $215,000 for a Noosaville unit, and the highest added an extra zero to become a new Noosa Sound record. The Wyuna Drive riverfront house listed at $11.9 million boasts 6 bedrooms, a 25m infinity pool, boathouse, 2 jetties, and 1,228m2 of land.”
Capital growth is strong in prime Noosa locations and along with the lifestyle benefits of ownership is attracting investors and new residents from far and wide. Noosa Sound houses and land for example have enjoyed an incredible 15% compounding annual capital growth for the past 40 years, which translates to a doubling of prices every 5 years, providing extreme confidence to buyers.
Holiday units are also in demand, for example The French Quarter Resort in Hastings Street recently reached the $1million milestone for 2 bedroom units after experiencing 9% average compound annual growth over the past 10 years.
While it’s understandable that some buyers might feel they have missed the boat here, our forward view is that Noosa property will remain on trend with nothing but blue skies ahead. The low interest rate environment looks set to continue for years, Noosa’s natural charm will ensure a relentless growth in demand, and supply will be constrained because there is very little land left to develop.
Essentially for someone to check into Noosa someone has to move out.
Tom Offermann
December 2017