The prestige property market in Noosa witnessed steady growth throughout 2023. The demand for luxury properties remained high, driven by both domestic and international buyers seeking exclusive and high-end residences, but that was not the story across the total market with some segments suffering slowing volume and a longer time on market before securing a sale.
“Capitulating consumer confidence, rising cost of living pressure and constant bombardment by the mainstream media on interest rate hikes and mortgage pressure set the tone for the market in 2023.” – Adrian Reed
Buyers and sellers with unmet needs that were focused on their property goals moved through the process smoothly while aspirational pricing, poorly prepared property or lacklustre campaigns stalled, subsequently the overall volume across all suburbs in the Noosa LGA declined. This is the same story across numerous key suburbs across the country, like Belleview Hill, Bronte, Paddington, Brighton, and Middle Park with record low volume, yet median house price growth.
National media has been aligned in its messaging that the Australian property market is defying the odds, and that median house price is on the rise, that’s exactly what we have seen in our local markets. The key driver for the growth in value has been driven by a rush to quality. A-grade property in excellent locations with genuine scarcity, both renovated and new homes have driven up the median price. Buyers with more capacity, who are affected less by consumer confidence and the reliance on debt to buy have reigned supreme.
So, as we kick off 2024, we can see the green shoots of volume growth, with local buyers as well as the migration of tree-changers and sea-changers who are back in the market seeking their next property.
Noosa’s favourable climate, stunning natural landscapes, and lifestyle amenities will continue to attract affluent individuals, investors and residents seeking an unparalleled lifestyle.
Reed & Co. Estate Agents are trusted advisors offering exceptional local market knowledge across the Noosa region. If you are thinking of buying or selling, why not take advantage of our specialised advice.
Click on the suburb below for a more detailed micro-market report, prepared by our agents specially for you.