2023 NOOSA PROPERTY YEAR IN REVIEW – December 21, 2023
The real estate market in Noosa has experienced a significant transformation since the pandemic lockdowns in 2020. The shift to remote work has allowed more people to choose their desired location, leading to increased demand for coastal communities like Noosa. As a result, median house prices in Noosa, Noosaville, and the Eastern beaches have risen by approximately 100% in the five years leading up to September 2023. Tewantin has also seen a considerable increase of around 70%.
Contrary to concerns about a property market downturn, the higher borrowing costs have not had the impact on the market that many expected. In the second half of 2023, prices resumed an upward trend. High immigration exacerbated the shortage of available properties and partially offset the impact of interest rate rises. Property owners, on the whole, seem to be financially secure, and many anticipate that the interest rate cycle has peaked, with potential rate reductions on the horizon for 2024.
Buyers who hesitated earlier in the year due to market uncertainties are now rejoining others who remained active throughout. However, available properties have remained scarce for the past couple of years, with property owners reluctant to sell. Overall, these factors indicate another positive year for residential property owners in 2024 and beyond.
The prestige sector within Noosa serves as a good indicator of the overall market. In 2023, there were 15 properties sold for over $10 million, four fewer than the previous year, primarily due to limited availability. Our team had the privilege of handling about 80% of these premium sales, including the top three. See our website for full details.
In 2023, the highest residential sale in Queensland was recorded at $28 million for the beachfront house located at 33 Ross Crescent, Sunshine Beach. This sale not only set a record for the year in Noosa but also became Queensland’s highest sale for the year. Notably, this property is situated in close proximity, being only 600m away, from another beachfront house at 17 Webb Road, which was sold by Tom Offermann Real Estate two years ago for a staggering $34 million, setting an all-time state record.
While high-profile sales such as these often make the headlines, it’s important to acknowledge that there are hundreds of other sales that take place at various price levels, each with its own unique story. We take immense pride in the fact that our incredible sales team provides the same high level of care and attention to every property they handle. Regardless of the price, we strive to deliver an exceptional experience to our clients and ensure that each sale is treated with the utmost professionalism and dedication.
Auctions have become the dominant and most effective method of sale in Noosa. Clearance rates generally range from 70% to 80%, with most unsold properties finding buyers within two weeks post-auction. Buyers have embraced this method and understand the need to arrange their financing in advance to participate effectively. Unconditional contract terms favored by auctions are appealing to sellers, and the competitive nature ensures fair and transparent outcomes, resulting in the best prices for sellers.
While many of our capital city colleagues take a long break over Christmas, it is one of the busiest times of the year for our agents as the town swells with clients and friends, many of them on the lookout for their special slice of Noosa. Apart from the public holidays, our offices will be open throughout the festive period.
Noosa offers a safe environment, abundant natural assets, the world’s most accommodating climate, and a friendly community. Our outlook for the Noosa property market remains unwaveringly positive in both the short and long term.
Remember, THERE IS ONLY ONE NOOSA. Enjoy!
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