24 Feb 12
Sales were consistent over January, but did not hit the highs we were expecting.
The weather was good until mid month when the rain hit and stayed for the rest of the month.
We found a lot of people looking at property, considering their options, the general consensus is that Noosa offers great value at present. Most expressed their intention to purchase within the next six months.
Luxury homes have been selling at exceptional value. We sold a home at 1 Seamist Court for $2.2 Million. This is the second time this amount was offered to the owner, this property would cost $2.7 Million to replace today.
Other examples include waterfront homes selling for $2.7 Million on land saleable today at $1.3 Million and the replacement cost of the home being $1.7 million. Totalling $3 million this home sold 10% under replacement.
There was a run on well positioned Holiday apartments, not surprising for this time of year.
There were 8 waterfront apartments sold in the waterfront buildings of Quamby Place on Noosa Sound.
I noted the statistics now released for the future growth in South East Queensland include a very interesting statistic (the total number of over 65’s living on the Sunshine Coast is currently 47,553 over the next 20 years that number will rise to a staggering 129,355) this is just another indication of the pressure on the region in the future and the upward pressure on property values likely to occur.
Why then wouldn’t investors move on Noosa property now while the buying is good?
Hindsight is a wonderful thing, if you have equity built up why not consider looking to upgrade or purchase another property? From a property cycle perspective the timing is unlikely to be better.