2018 Year In Review
Noosa property market in 2018 was a year of headlines, record results and ultimately a year that confirmed that Noosa is one of the country’s hottest property markets. The fitting finale to 2018 was one of the most successful trading periods for local businesses in over a decade with visitor numbers some of the highest ever experienced. For real estate the market conditions are tight, lower turnover, higher prices and limited supply is the new world order and demand remained consistently high throughout the year and has continued strongly into 2019.
On a macro level when combining Noosa’s prestige markets (Noosaville, Noosa Heads, Sunshine and Sunrise Beach), the number of transactions was slightly down vs YA from 501 sales in 2017 to 445 in 2018 however the average sale price was up significantly +16% vs the previous year and is now an eye-watering $1.429m.
The luxury property market has been the darling of the Nations property markets with now 6 sales over $10million in a little over a year peaking with the sales of one of Sunshine Beaches most extraordinary properties, 23 Webb Road selling for $18M
- 23 Webb Road $18m
- 46 Seaview Terrace $15.2m
- 2A Belmore Terrace $14m
- 5 Allambi Rise $11.2m
- 312 Teewah Beach $10.75m
- 29-31 Wyuna Drive 0 $10.3m
The strong demand for prestige property has continued despite the tightening lending conditions brought on by the banking Royal Commission. We are continuing to experience positive migration from southern markets with people seeking tree or sea changes. Buyers from southern markets are taking the opportunity to realise the significant capitalisation over the last 4 years from their principle market buying into the Noosa market that has experienced much more moderate sustainable growth over that same period. There has been a significant shift in the market dynamics away from growth speculation and holiday home buying to be a much more sustainable property market based on everyday occupation and lifestyle change.
Scarcity and a lack of supply is the new norm for buyers and sellers and we are not expecting any change to that in 2019, there is no relief valve, Noosa’s population is capped because there are no significant development sites left and it is completely surrounded by National Parks.
We are off to a very strong start with contracts on $11.3m of property so far and there doesn’t seem to be an end in sight. The team have a significant number of unmet buyer briefs for property ranging from $700k to $15m.
The handing down of the Royal Commission into the Banking and Finance sector seems to have little to no effect on the buyer behaviour in the prestige end of the market however,in the family home $800k $1.5m range has shown to be a bit sluggish due to the tougher lending environment. Strong results are still on offer, but we expect that days on market could extend a little as the year rolls on. At a high level although lending restrictions and uncertainty around the federal election will continue to impact the attitude and urgency of buyers, the market drivers look positive with the region’s significant infrastructure pipeline, coupled with strong interstate migration and improving employment opportunities, we expect that will further sustain the market,
Here is the wrap on the latest trends in some of Noosa’s most talked about suburbs.