Noosa Market Report - October 2011

Sales were strong over October on the back of some significant auction campaigns. While sales values achieved were nothing to boast about, it is positive there is some solid turnover in the market place.

There is evidence of plenty of buyers out there if the price is right.

Our own auction clearance rates are reflecting this. We are selling 42% of our properties we take to auction with the time on market averaging 55 days. These results are far superior to the average auction clearance rates of 23% across Queensland, according to RP data.

Recent sales include a waterfront apartment in Peza Court, Noosa Sound in the mid $900,000 range. And a very well presented non waterfront home in Cooran Court, Noosa Sound, sold for $1.2million. Two waterfront homes sold on Noosa Parade - number 10 in the high $2 million range and number 18 in the low $3 million range. This home would have sold over $5 million at the peak of the market.

Our office sold a luxury home on the water at Noosa Waters for $2.7 million. Just up the street, another north facing home sold in the low $2 million range. This home was offered to market for the first time nearly 3 years ago close to $5 million, which it turns out was never achievable. A south facing luxury home in The Promontory, Noosa Waters, sold in the mid $2 million range and a west facing project style waterfront home with heaps of volume and space sold for $1.3 million and this property had a narrow water frontage.

A mortgagee auction of a low-set waterfront home on a very narrow fronted block yielded a sale price well under $1 million, which wasn't surprising given the property and the circumstances.

In Little Cove, a luxury apartment at Allambi sold in the mid $1 million range and a very nice apartment in Little Cove Townhouses sold in the $600,000 bracket. A luxury Settlers Cove Penthouse sold in the mid $3 million range - an excellent price for a quality apartment.

Over in Sunshine Beach, a solid home in Ross Crescent with good views sold for $2.2 million as did a house in Belmore Terrace for $860.000.

This amount of activity is very encouraging. It's a sign people believe Noosa is good value. If this can continue our stock will tighten and the road to an upward cycle begins. Let's hope for a drop in interest rates on Tuesday 1 November to spur it on.

Kind regards,

Dan Neylan
 0412 764 370