Noosa Market Report - October 2010

October has been a good month for sales in Noosa as southern buyers take advantage of the great buying Noosa has to offer.

Big news this month is the sale of the Sanctuary Quay West resort to the RACV for a reported figure in excess of $60 million. This purchase by such an iconic Australian organisation confirms Noosa's solid reputation and sustainability as Australia's premier resort town offering premium real estate. We look forward to working with the new owners to take the development forward under terrific management.

Over the month we sold two properties under the hammer, which is always exciting, and both properties were residential homes. We sold a waterfront block in Noosa Waters at $1.3 million, several homes and apartments up to $600K and an apartment in Little Cove for $860,000. Hastings Street apartments are in favour offering excellent value; we sold a two bedroom Ocean Breeze apartment at $400,000 and a two bedroom French Quarter apartment for $505,000 partly renovated. We are dealing with a huge amount of buyers at present; in fact there are people everywhere.

We have plenty of stock available for purchase, but still find ourselves looking for that certain something. With hard work we hope to help many of these buyers secure their dream property prior to Christmas and be ready for another rush in late January when we have several properties going to auction under the experienced hands of our chief Auctioneer Peter Burgin, REIQ Auctioneer of the year.

Most of these sales occurred prior to recent interest rate rises, this month has started well withfour sales, and so far it seems these rises have had little effect on us.

I hope to communicate an equally busy month to you in December.

Kind regards,

Dan Neylan