15 May 12
The Noosa Market responded strongly to the change of state government - it seems there is more confidence in the air. Purchasers are definitely making buying decisions - we have experienced significant increases in turnover and already shortages of property in certain areas.
This is not to say prices are now escalating but it is the first stage of the swing in a market, also signalling the bottom of a cycle. Today’s announcement of a 50 basis point drop in interest rates will only add to this sense of confidence as would a federal election. De-amalgamation is the word on the Noosa local’s lips, as the debate and the anticipation mounts over the real prospect of gaining our shire back. Again, this passionate issue highlights the importance the Noosa community places on our lifestyle and environment, an approach that has made Noosa what it is today and certainly had an impact on property values in the area.
Recent sales include a luxury 3 bedroom penthouse in the “On the Terrace” building in Noosaville sold in the mid $800,000 range. An apartment in Elizabeth Street, older style, offering 3 bedrooms, 2 living areas and 2 car accommodation, an easy walk to the river, sold in the low $700,000 range. We sold a home high on the hill in Natasha Avenue under the hammer at auction for $2 Million—this property had been held by the family for 27 years. A waterfront home sold at Noosa waters in The Promontory in the low $2 Million range—the property was on the market for $3.9 Million at one point years ago.
Waterfront was the flavour of the month in our office, selling 4 waterfront homes ranging in price from $1.2 and $1.3 Million for two older style homes, to $1.55 Million for an Architect designed home in Mermaid Quay and $2.8 Million for a high quality residence designed by Paul Clout in the Promontory. The North facing residence represents the top end of that waterfront area.
We released the sell off of the first two stages of the Noosa North Rise Estate this month. Offering just 40 allotments, this is the only land to be offered at a heavily reduced price to clear before the developer locks up the remaining 70 allotments to wait for a better time to develop and sell in a higher market. We sold 6 blocks before release to our clients and now have just 30 remaining as buyers move on the well located land reduced from $450,000 to $300,000 (average prices).
We sold an allotment in Noosa Headlands for $399,000 which represents true market price in the Noosa Waters area, illustrating the $100,000 plus discount on offer for the remaining allotments in neighbouring North Rise. We expect to sell out the estate in a matter of weeks.
There was also a sale in the Fairshore building on the main beach in the low $2 Million range, great value for money given the building has recently been refurbished.
Our auctions are resulting in a 55% clearance rate, not bad for a regional area, with plenty of great events on in Noosa over winter we expect the activity to continue