Noosa Market Report June 2012

The Noosa Real Estate market remained consistent for the month despite negative talk about the Euro economies and imminent changes to Stamp Duty coming into effect July 1st.

Land sales at Noosa North Rise continues to be strong, with almost half of the release now sold and 5 homes due to start construction in the coming weeks. This land has been well received by purchasers, offering very good value and location.

Sales were consistent across all price ranges and property types - we sold a waterfront home on Noosa Sound with a narrow water frontage for $1.7 million representing entry price for the Sound. One of the best allotments in Peregian Beach was auctioned by the office, this land enjoyed one of the few elevated locations with views north up the coast. The block had restricted access and sold 1 hour post auction for $900,000. A waterfront apartment in The Commodore on Noosa Sound sold for $920,000, an excellent price for a prime location.

We sold a unit site on Hilton Terrace flowing onto a river front park, with views over the river and parkland. The buyer plans to build a duplex on the site and this will be one of the few developments set to start in the area as developers have been scarce.

The big news is the sale of the Sea Haven Resort on Hastings Street - at this time the sale is not unconditional so we can’t mention the price achieved. We can say the developer plans to refurbish the building and the apartments which is great news for Noosa.

There continues to be a number of vacant shops in Hastings Street as retailers struggle with the low visitor numbers. Australians are choosing to travel overseas while it’s affordable, the situation won’t change until our dollar falls at which time our visitor numbers will improve as will the property market with it.

Flights have commenced directly from Auckland to the Sunshine Coast airport—a great achievement. We believe this will attract more interest from Kiwis planning holidays and buying property in the Sunshine Coast. We are practicing our Kia ora’s in anticipation!

We expect the real estate market to remain consistent over the coming month, as we come out of winter and gear up for what seems likely to be a busy spring.

 

Kind Regards              

 

Dan Neylan

Director

0412 764 370