Commentary is constant in the national markets about rising interest rates and the so-called interest rate cliff. Some markets are softening and others are showing early signs of recovery. Optimists report the peak of the interest rate cycle is near so the market is about to take off, while pessimists needless to say are predicting tougher times ahead.

Reality normally lies somewhere in between, and to understand how this relates specifically to the Noosa market there is no better indicator than current sales results. In the four weeks since our previous market report, Tom Offermann Real Estate signed unconditional contracts totalling $88 million. Eight were in the $5m-$10m range, and one higher. These sales volumes by comparison, are not far off the hectic post Covid period. 

Meanwhile the market remains quite balanced, with continuing low numbers of properties available and generally more than one buyer for each. Price trends are impossible to accurately identify right now, as some properties are selling below their peaks while others are breaking new ground. Amongst the new price records is a Hastings Street beachfront apartment, and a Noosaville residence, the new suburb record price of which will be disclosed post settlement.

The fear of missing out has clearly subsided and negotiations generally require a little more give-and-take from both parties to find common ground. Auction clearance remains well over 80% with on average three to four bidders registering. Described in the April newsletter as an ‘Upcoming Exceptional Property’, 357 Duke Road Doonan, sitting high on an escarpment overlooking Noosa Heads, sold prior to auction for $6.8m, the highest price in Doonan.

The recent state government revaluations are concerning many property owners who are yet to find out how this will affect their Land Tax (other than for principal place of residence), also council rates.  Some valuations have more than doubled so the extra expenses will cause some people to off-load their properties. This is welcome news for some as it it will mean properties that would have remained tightly held might, become available for purchase.

Exceptional Properties

A must see for admirers of beautiful homes and those keen on a game of golf, is 701 The Palms at Noosa Springs. Indulge in the epitome of a truly breathtaking residence, on par with excellence designed by Paul Clout, and boldly staking its claim seemingly on an island albeit a dizzying unparalleled 2252m² site with a northerly aspect and views of water from every room. It is totally surrounded by tranquility and is beside the lake and 4^th green of world class Noosa Springs Golf and Spa Resort.

Just up the fairway you have a choice of another sensational property at 517 The Woods, a Stephen Kidd designed masterpiece on a huge 1239 m² allotment.

Noosa Concours d’Elegance 14th-16th June 2023

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