PRESTIGE PROPERTY MARKET UPDATE

WARM AND GREEN NOOSA SPURS FEBRUARY SALES – February 23, 2024

Noosa is incredibly green and lush due to the abundance of regular rainfall during this summer, with plenty of sunshine in between and daily maximum temperatures generally no higher than 30°. This warm and amenable climate is one of the top attributes attracting people to holiday in Noosa or to call it home.

January is normally a very busy month for our company due to the large influx of holidaymakers and visiting clients, and sales results are always strong. Now that the holiday crowd has returned to work and school you would think that the real estate market would be quieter, but on the contrary, February has often been one of our highest selling months. That is because a lot of the connections and activity initiated in January spills into sales made in February.

The past month’s sales have been dominated by local buyers who are moving up or down or sideways in the market. Around two thirds of our sales this month have been to buyers who already own property in Noosa, taking advantage of the reduced competition while the interstate and Brisbane buyers are busy back at work.

Although median prices have softened considerably in all suburbs, record prices are being achieved in premium locations. Notably our agents’ phones did not stop ringing when a beachfront house at 26 Lorikeet Drive in Noosa’s southernmost suburb Peregian Beach hit the market. Suffice to say it did not make it to its planned auction, selling for a new Peregian beachfront record circa $8 million. Similarly for Pinnacle, a house at 29 McAnally Drive, Sunshine Beach which was snapped up the day before auction in excess of $8 million.

Sold – Front Row Seaview Tce, Sunshine Beach

Further north on the eastern beaches we were besieged with interest in an absolute beachfront cottage at 62 Seaview Terrace which was ultimately sold for an undisclosed price, safe to say well above $10 million, and a few days later we secured the sale of 11a Webb Road in Central Sunshine Beach circa $8 million. These were amongst the many sales to buyers who already owned property nearby. New auction listings about to hit the market in McAnally Drive, Surfside Court, and Ross Crescent are next on the wish list for Sunshine Beach buyers.

The Hastings Street and Noosa Sound precincts remain tightly held with limited buying opportunities. Our sales include a one-bedroom apartment with roof terrace in the popular Netanya Resort for $2,875,000, a 2 bedroom apartment in Peppers resort for $1,600,000, and a house in Upper Hastings Street in the $4 million’s. If you’re looking for a Hastings Street apartment, we have 7 to choose from including 3 that have river frontage.

The Hastings Apartment 12 sold at auction for $2,550,000. I recall selling that apartment to the seller for under $100,000 in the mid-1980s. Wow what an investment. These villas come with their own landholding and several of them have been demolished and rebuilt. We have #15 available which has 3 bedrooms and 3 bathrooms and even a spa on the rooftop for $6.9 million, good value for a near new house in the middle of Hastings Street. Overall, the current real estate landscape in Noosa reflects a mix of strong local and interstate demand, premium pricing in desirable locations, and investment potential that continues to attract buyers to the area. The combination of natural beauty, a warm climate, and a flourishing real estate market makes Noosa an appealing destination for both investors and homeowners alike.

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Call for an updated appraisal to assist you with your future planning, and for further prestige sales and property news, visit www.offermann.com.au/news