PRESTIGE PROPERTY MARKET UPDATE

Winter Warmth Drives Buyers North – July 25, 2023

As winter temperatures descend in the southern states, visitors flock to the sub-tropical climes to escape. Some have been making annual visits for decades, often staying for months, while many buyers at this time of year show a keen interest in properties offering a north-facing aspect to capitalize on the abundant sunshine.

An excellent example of this trend is the recent off-market transaction of an apartment in Fairshore at 41 Hastings Street. Agent, Jesse Stowers, successfully sold the apartment for $6.6m. With its ideal north-facing positioning, residents enjoy the sunshine while languishing on deck chairs on their terrace. Furthermore, the convenience of being only three steps away from the front gate to stunning Noosa Main Beach made this apartment irresistible.

Buyers in the current market continue to face limited options as available properties remain scarce. As we potentially approach the peak of the interest rate cycle, the supply of properties for sale may become even more restricted. For the purchasers of the Fairshore apartment, this transaction concludes a significant wait, having missed out on a similar property we sold for over $7m over a year ago. The recently renovated 92m² apartment, offering two bedrooms and two bathrooms, is the first apartment available since the previous sale in the complex in November 2019 at $3.625m. The value has increased by an impressive 80% between sales, amounting to a remarkable $71,000 per square metre, a figure that holds up even on an international scale.

As we know, they’re not producing complexes like this in prime locations, thus making investments in these areas highly sought after for their long-term growth potential. The buyer, already familiar with the Noosa Heads’ market, has expanded their existing portfolio. Moreover, with a rental return of approximately $200,000 net pa, the apartment also boasts an exceptionally high rental yield per square metre. While there have been some median price falls in certain areas of the Noosa area, the remarkable post-COVID value growth has created some imbalances that are currently being corrected. As the market gears up, it is crucial for intending sellers to start preparing and capitalize on the current market conditions. The already limited supply of properties is expected to fuel a vibrant selling season. Don’t wait, make a sage decision to act now and make the most of numerous opportunities at your disposal.

Exceptional Properties

Picture an exclusive gated peninsular estate, morphing across 19ha, almost surrounded by the pristine 2.5kms foreshore of Lake Macdonald with its priceless treasure trove of wildlife.

Experience the absolute exhilaration and majesty of a classic Queenslander, aptly named Barellan meaning Meeting of the Waters and a mere 15 mins to sophisticated Hastings Street and Noosa Main Beach.

Every once in a while, a property takes your breath away. Barellan is one of those moments. Price $17m

Commanding the most spectacular presence with explosive views of the Coral Sea, is an immense 3,520m2 site with 62-metres of absolute beachfront splendour, arguably one of the best private beachfront holdings on Queensland’s eastern seaboard. It is truly rare and much coveted. Private Auction 5 August

Noosa Concours d’Elegance

Courcours d’Elegance Pebble Beach chairperson and judge Sandra and Martin Button with Tom Offermann

As major event partners it was an absolute joy to see the community turn out in their thousands mingling around superb motor vehicles and just having fun. There were accolades galore, with almost everyone asking if the event will happen again next year.

I had the pleasure if meeting most of the car owners, also the Pebble Beach Concours d’Elegance chairperson and chief judge, Sandra and Martin Button. They gave me a greater appreciation of what enthuses contributors to share their passion with the community, and the logistics and expense involved in bringing the vehicles to Hastings Street for all to enjoy. It is a pure love of being custodians of motoring history, and the camaraderie that goes with it, as well as new friends made by people travelling from across Australia and abroad.

Presenting the Best of Show trophy to the owners of a Jaguar XK 120FHS at Sails restaurant the following morning was indeed an honour. Every contributor mentioned the excitement of driving out of the mustering area at the J in Noosa Junction, and cavalcading over the hill to closed-off Hastings Street which lined deep with people applauding.

Don’t miss next year. Marque your diaries and book your accommodation for 13July 2024. The word is now out so the town will be full.

Stay Property-Wise

Would an appraisal with the most relevant up-to-date property data assist you with future planning? Give us a call. For more prestige sales and property news go to visit www.offermann.com.au/news