November started with a bang with 5 sales on the board on the very first day. So far this month the R&W sales board has no spaces left pushing $23 million up to the 27th November. And we’ve a few more transactions to squeeze into it during the remaining 3 days. There certainly is a significant increase in confidence compared to this time last year.
Properties Sold so far this month listed below. Plus many more that we are yet to announce.
3 ‘Spirit of Sunshine’ 17 Belmore Terrace
342 ‘The Woods’, Noosa Springs
Stock levels are continuing to decline in most areas, more properties are being sold outnumbering properties coming on to the market. We are now seeing more instances of multiple buyers on individual properties and those buyers who have patiently been waiting for prices to drop further are now completely missing the market.
It is always difficult to predict the market at any given point and it is only when you look back that you can determine when the bottom of the market occurred. We are now well and truly past the bottom and buyer activity has stepped up more than a couple of notches with new motivated buyers in the market swooping up properties under the noses of others who have been too slow to act.
Hastings Street is now entering a new renaissance with the gala openings of Locale Restaurant at the Paris end of Hastings Street being balanced with the opening of Miss Moneypenny at the Woods end of the street. This has also contributed to a new level of confidence and the return of more people into Queensland’s most famous street.
The Seahaven building is in the final stages of completing an internal and external renovation rectifying years of the building being held in a state of neglect while seeking new ownership. We will now have 48 one and two bedroom apartments and 12 retail tenancies coming on line to meet visitor and commercial demand which is now growing. Seahaven ran at an average occupancy of over 80% and enjoyed a revenue stream of approximately $10 million prior to the current renovation. An interesting decision will be whether to sell or hold as it will be hard to replace an income stream at this level after paying tax on a sell off profit.
We are now moving towards a summer market with an influx of southern buyers who will be entering the Noosa market over December and January with cash in their pockets and ready and able to buy into a market that has strong growth potential. If you have been considering selling your property we would welcome the opportunity of a confidential discussion. Our bookings are very strong. The weather continues to be glorious. Everyone in Noosa is smiling.
Peter Butt & Jennifer Carr