23 Apr 15
The real estate market in South East Queensland continues to strengthen with many SEQ markets experiencing higher levels of buyer enquiry and steady or improving prices.
Noosa has been no exception with accurately priced homes achieving premiums.
If the first quarter of 2015 was to be a true litmus test on the performance of the Noosa property market moving forward, then I would say it passed with flying colours.
Although many of Noosa's submarkets performed as expected, there were some surprising results particularly in the luxury sector.
As was the trend towards the back end of 2014, buyer enquiry for homes under $1m, not only in Noosa but across the Sunshine coast was strong.
There are key indicators that this area of the market will continue its momentum for the remainder of the year, these include, an increase in both local and out of the area investors, families upgrading and discretionary purchasers (holiday property buyers) taking advantage of historically low interest rates.
One trend that has emerged this year is the return of small to medium sized developers who are brimming with confidence after a steady period of strong growth and results across SEQ in 2014 and the start of 2015. Potential development sites ranging from $1m - $3m are at times seeing multiple parties enter into negotiations and when you combine this with the limited supply of prime sites available, it is hard to see this trend not continuing at least for the short-medium term. Developments currently under way in Edward Street, Noosaville, Hilton Terrace and Gympie Terrace are all good examples of this.
The real surprise so far in 2015 has been the resurgence of the luxury market. The Sunshine Coast has seen a very encouraging bounce back at the top end with an array of strong results reported across areas. Noosa and Sunshine Beach lead the way, there have been two sales in main river locations on Noosa Sound, and we have contracted several waterfront homes in Noosa Waters this month, the onslaught only halted by a fall in availability.
Sales volume which is generally up, many owners are adopting a 'I don't have to market to sell' mentality, which is possibly correct, however I feel these sellers should be thinking 'I want to market to achieve a premium, not just a market price' after all, any agents can achieve the average and you only get one chance at a great result, it seems the buyers and consequently the competition can be created for a premium outcome.
0412 764 370