11 Sep 13
Concerns over a lack lustre real estate market running into the federal election seem to be unwarranted based on this month's sales volume.
This was particularly prominent in the lower end of the market and residential property. Residential homes priced up to $600,000 are selling readily spurred by a drop in interest rates. Holiday apartments remain a little more difficult to sell however enquiry is slowly picking up with buyer confidence. Sales volume in the upper end of the market has been slower despite strong enquiry, we expect this to change post election and increase towards summer.
Despite this there has been some records set for the first time in some years. A home sold in Noosaville in excess of $1.7 Million. Located just off Gympie Terrace this sale is $300,000 plus over the last higher sale and a good sign of things to come. We are now selling a home in James Street in a similar price point and expect a similar result.
Other sales of note include one of the few homes to sell in Little Cove this year, number 6 Little Cove Road sold just under $1.9 Million We sold a waterfront home at Noosa Waters just over $1.1 Million which followed another East facing home at $1.1 Million. We sold an old Queenslander in the heart of Noosaville for over $1.1 Million, and the house is to be removed to build a new home.
Forcasting forwards I expect a steady increase in enquiry as we move towards summer along with a good supply of property, usual for that time of year. If pressure and buyer demand is consistent, shortages of stock could be experienced after Christmas.
Watch for the Australian Dollar falling below 85 cents to the US Dollar as a positive sign for places like Noosa. Coupled with low interest rates and rising confidence with a change in government, we could see the perfect combination that can only be topped off by a strong share market.
Take the time to pause when reading this report, it is the time you may recall in the future, as the bottom of the real estate cycle and a solid upward trend.
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