22 Nov 2012

Noosa Real Estate Spring Market Report

The Spring market in Noosa opened with a surge of buyer activity. R&W auctioned 20 properties on the 5th October at the Sheraton Noosa Resort. Before the night was over 7 properties had been sold for a total value of over $11 million. By the end of October the total value of sales had exceeded $25 million with a further 7 properties had sold.

The recent run of fine weather has not disappointed the throng of tourist numbers that have flocked back to Noosa in recent months to shake off the winter blues. The Noosa Triathlon was also a huge success and created a great atmosphere towards the beginning of November. Both competitors and their supporters enjoyed the festivities and congratulations must go to USM Events for producing a seamless event.

As we now head into the Christmas–New Year selling season and we are preparing another group of select properties to present to the market on 11th January. The recent activity levels have taken properties out of the market across the board. Sales have been transacted from the high $200k all the way up to almost $7 mill where two Hastings Street beachfront properties are now under contract these are apartment 1/23 Hastings Street (which is coming into our holiday rental pool) and the middle floor apartment in “The Breakers” which was auctioned on 5th October – which will remain as a holiday rental.

Where is all this heading, one might ask? We believe that the activity levels in the market have increased mainly because the buyers have come to the conclusion that the market has bottomed and will not get any cheaper than what it is today. Some of the well positioned stock will be hard to replace, so they are picking the best positions in the market.

Numbers of properties for sale in Little Cove, Noosa Heads, Noosa Sound, Noosa Waters, Noosaville, Sunshine Beach and Sunrise Beach have been steadily diminishing. This means the market is now heading slowly to a position where we may see more buyers in the market than sellers. Just how long this will be before we see prices slowly climbing is anyone’s guess. We don’t necessarily see prices rising quickly in the immediate future, but buyers will be limited in their choices and compromises will need to be made. Our suggestion to buyers is: if you see what you want then don’t delay your decision.

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