Prestige Property Market Update

easter properties on the hop | March 24th 2023

The Easter property market is shaping up to be hot, as it is every year, when an influx of visitors are here to enjoy perfect autumn weather. Auctions have been highly successful in the lead-up, with most selling under the hammer or prior as buyers submit offers hoping to avoid the competition on the day. A shining example was a 4-bedroom golf course frontage townhouse in Noosa Springs. It had three contracts simultaneously submitted with one being a knock-out offer which was accepted on the eve of the auction.

Similarly for a Noosa Sound waterfront home at 17 Wyuna Drive where a pre-auction contract was too attractive to resist. “We’ll take the bird in hand” said the owners. Likewise, a stunning beachfront house in Lorikeet Drive, Peregian Beach, just negotiated and selling to an interstate buyer before any advertising had started, set a beachfront record price.

Those that don’t sell on auction day, sell soon after, such as a duplex/residence at 2/38 Park Crescent Sunshine Beach, which sold for $5.2m. The highest sale in March was $19.5m for a Noosa Sound waterfront house at 49 Witta Circle. The buyers were long-term clients which highlights how invaluable an agents’ customer base can be when selling.

Hinterland properties, especially in Noosa’s Golden Triangle remain popular, such as the sale of a 26ha estate which went for $5.9m, the full asking price, after two contracts were presented simultaneously. The most active sector in March for the agency was the sub-$2m range, with over a dozen sales negotiated. Apartments at 2/6 Angler Street on Noosa Hill and 1/12 Howard Street Noosaville both had five registered bidders and sold under the hammer for $3.460m and $2.915m respectively.

We have a super selection of auction properties available over Easter and will be surprised if any remain unsold by the end of the holidays. Seller’s expectations have eased slightly and with a backlog of buyers we have every reason to be confident.

Many of these buyers are past clients, some of whom have been waiting for the right property since the Covid lockdowns. A few who rushed to buy what they could sight unseen, are now selling to buy more suitable properties. Many were sold using Face Time inspections, and it’s so pleasing to report no one was disappointed with their decision. A daughter, inspecting a house bought sight unseen by her Melbourne mother famously said over the phone while we were showing her through “Mum, you didn’t buy a catfish, it’s absolutely beautiful.”

How has the pandemic shaped the market? The pandemic didn’t really change what people were already thinking or doing; it was already happening for most, and it did also trigger some reactive decisions. What it really did though, was to massively accelerate this activity, to a point of near frenzy. Fear of missing out was palpable, but that’s history now and the real estate market has returned to a state, best described as normal.

What’s going to happen for the rest of the year? There’s no sign of mortgage stress in our market yet, and there is unlikely to be much in this local demographic, so the rest of the year will remain positive, with potentially some added value growth. There is no doubt parts of Australia will be badly affected by the rising interest rates but hopefully that won’t impact our market significantly.

It’s always worth remembering that real estate is a long-term investment, and investing in the Noosa Shire, is always going to be a sure bet. Property values can change quickly, so if you wish to know what your property is worth today, please contact me or any of our agents. It’s free and without obligation, and for latest prestige sales and property news, click on the link www.offermann.com.au/news.