05 Sep 14
The Noosa Real Estate market continues to perform well, buoyed by low interest rates. With strong markets in Sydney and Melbourne, we await greater demand as predictable northern migration occurs.
Industry statistics indicate this is not occurring as yet, namely due to solid employment in southern cities (despite recent employment figures). However northern migration is a well documented result of rising southern markets, leaving us convinced we will start to see this shift soon.
Investment activity is increasing, most noticeably in the Waterfront apartment and Hastings Street apartment sales. Low interest rates are providing a poor cash invested result, over 40% of purchases made in Queensland last year were investment based (source RP Data).
We had solid sales across local markets last month - we sold two waterfront homes just under $2 Million each in the well known Anchorage in Noosa Waters and a beautiful Stephen Kidd designed home in Masthead Quay for $2.35 Million - this home had been sold by another agent several years ago for $2.1 Million and it was sold at the peak of the market for $3 Million.
So there is plenty of growth left and is a good indication of the market returning and how it is now recovering.
We sold a vacant lot in The Promontory for $1.2 Million - This land was worth $900,000 3 years ago, another example of the market returning. A quick sale resulted for the owners of a Little Cove Town House Apartment, which we sold for $700,000. We also contracted an apartment in the 'Tenalga' building on Allambi Rise, Little Cove, for $500,000.
There were numerous other sales of residential properties across Noosa in the sub-million range which remains a strong area of the market starting to really feel the pinch of almost no new land supply left in Noosa.
A lack of homes in the sub $500,000 range is resulting in many buyers turning to purchase apartments in small buildings, taking up potential rental properties and adding significant pressure to rental availability and rents.
One small area of land remainging is the Noosa Northrise estate - we released the third stage this week, receiving over 80 enquiries in the first 4 hours via a private release - this 3rd stage consisting of 18 lots is likely to sell out within the first week.
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