Noosa Market Report - May 2009

This month sales continued to be strong, with a second month of higher turnover and sales volume. The majority of the sales were again below $1 Million; however sales above this level have increased in the past two weeks.

The majority of sales have been at reviewed price levels, establishing a new platform from which prices are now working from. Sellers listing their properties at levels reflecting recent sales are selling in a reasonable time frame, however stock listed at levels above those of recent sales is sitting on the market for extensive periods of time. Some are saying the only sales happening are distress sales and to some extent this is true, but there's little doubt in experienced minds that a new price level has been set here and in most parts of the country.

Fortunately in areas of high demand like Noosa this adjustment is often short lived once confidence turns around. We are definitely feeling the market has changed and are forecasting a busy Spring. There is little doubt that the market has bottomed and we are just coming off that bottom now, comments we are frequently hearing from buyers.

The current climate really represents a good time to purchase well located property while it's available at reasonable price levels.

Kind Regards

Dan Neylan