Prestige Property Market Update

Noosa's endless summer | february 24th 2023

 With interest rates uncertainty and reduced borrowing capacity, market activity has tapered back to less hectic levels. Median prices have fallen off their stellar peaks, however some of this is attributable to fewer high value properties being available, which pushes the medians down as owners hang on to their prized locations. Property availability is generally beginning to normalize creating more choice for buyers.

While some buyers are sitting on the sidelines, the interest in owning a home or investment in Noosa is palpable and as high as ever. For those with a medium to long term view, this is the buying opportunity you may have been hoping for a year or two ago. More choice and less competition is the state of the market. If you are planning on your first, next, or additional property purchase, don’t leave your run too late. As confidence picks up, astute buyers sitting on the sidelines will rush back all at once. We have witnessed this many times.

The seemingly endless summer continues, and the holiday vibe is ever-present as the cohort of visitors has changed on weekdays from families with school-age children to happy holidaymakers from across the country, and overseas, enjoying a slightly quieter time. So are the locals. Hundreds of families from Brisbane continue to make the drive up on Fridays to enjoy another weekend in the sun. As the temperature cools in southern states this demographic changes again with an influx of winter escapees, many of them regulars, and each with a favourite time to visit.

What all this means from a real estate perspective, every week there is a fresh group of visitors in town. To achieve better outcomes for our sellers this demands wider reaching marketing strategies, as opposed to agencies in capital cities and interstate whose clients are all local. Ultimately by exposing a property to more potential buyers, more competition is created, and of course more successful results are achievable.

A key difference has been our investment in high profile offices right where tourists stay and play. Our offices are in Hastings Street and on Noosa Sound, and you would be surprised just how many people have simply walked in and bought spontaneously.

Having strong connections with national and International marketplaces, people and media are vital, and we have been refining this over the past 30 plus years. It takes a team of 30 staff to stay closely connected with such a powerhouse client base, but more important than anything is loving what we do and remaining passionate about delivering better outcomes for our clients.

Property values can change quickly, so if it would assist your forward financial planning to have a personal update, please contact any of our agents. It will be our pleasure to help. For prestige sales and more property news, visit www.offermann.com.au/news.