Noosa Market Report - April 2011

Easter has been productive for the Noosa Real Estate market; the rain stayed away for at least a few days.Results were found using both Auctions and private sale. A South facing home we manage at 101 Noosa Parade sold in the $2 million range, a fair price for that location and home. We sold a redevelopment site in Robert Street Noosaville under the hammer with 6 apartments on it, generating $78,000 inincome p.a. The property was sold at $1.325 million.

A non-waterfront home in Noosa Waters was sold for $740,000, an apartment in Noosa Crest for $780,000, a non-waterfront apartment at Culgoa Point in Noosa Sound sold for $330,000.

A waterfront home on Mossman Court sold for $3.5 million. Given the main river position and 42 metre water frontage this was an exceptional buy.

We sold a renovated home on Noosa Hill for $960,000 and a new home in the Settlers Cove development in the $1.4 million range.

There was the sale of a waterfront home in Noosa Waters at just under $2 million prior to auction and an apartment in The Emerald on Hastings Street sold for $700,000.

We are currently dealing with four other contracts, all offers being made on properties we auctioned over Easter.

Auction results under the hammer were generally poor, but encouragingly sales post-auction have been better and I expect if things go well over the next few weeks we should see a 50% clearance of the properties auctioned across Noosa during Easter.

Historically that percentage is a good clearance for Noosa. We are not in the cities and property does take a little longer to sell.The auction process is being used to condense that time frame and bring out buyers for us to deal with in a shorter time span.

Prices achieved compared to the peaks of 2007 are well down - there's no hiding the fact that it's great buying in Noosa today. If one used the analogy of the property clock Noosa is sitting between 6 being the low point and 7 being the beginning of an upward cycle.

There's little doubt that buyers purchasing now, and planning to hold the property long term, will be the big winners. Fortunately many owners currently selling are also purchasing in this market; therein lays the opportunity.

I've said for years you don't make money when you sell - you make the money when you buy. Being liquid and able to act in this market place will produce the gains for buyers over coming years that Noosa is legendary for.

Kind regards,

 Dan Neylan
 0412 764 370