The past three months have certainly been a challenging market to navigate for both buyers and sellers, but the good news is the future is looking brighter as the underlying drivers and strong migration start to take effect again. Early indications are that the market may have bottomed out, and we can expect to start to see growth return, with pent-up demand at the top end of the market.
Looking back at the last quarter of the financial year, never before have I seen such a delicate market in Noosa, where there are so many factors at play. On the one hand, there has been a lack of flagship sales, which is often an indicator of market conditions in this region. That has largely been due to a lack of quality stock and seller reluctance to test the market, not the appetite for buyers to act if the right property is available.
Saying that, we have still seen some strong sales results during the quarter, including a record-breaking sale for Designer Chris Clout’s incredible home at 46 Driftwood Drive, Castaways Beach fetching $13,300,000 when it changed hands in May and a
renovated Paul Clout designed house at 17 The Promontory, Noosa Waters, for $6,830,000, setting a street record in one of the state’s most expensive streets. Other sales of note include an original late 1980’s Noosa Sound waterfront home at 9 Wyuna Drive for $6,000,000; and a sprawling Noosa River residence at 16 Wygani Drive, Noosa North Shore, selling for $5,500,000.
New homes or properties that have been renovated at the prestige end of the market are still performing well, however, there’s a reluctance for buyers to act on properties that need to be renovated, with buyers acutely aware of the rising building costs, labour shortages, and supply chain issues.
CoreLogic’s latest June figures show the overall pulse of the market is ‘decelerating’ despite prices rising for a fourth straight month. CoreLogic’s research director Tim Lawless says conditions are in place for a ‘double dip’ in property prices. He expects the upper end of the market – where downsizers and new overseas buyers are not sensitive to rate rises – will continue to perform well, with any future drop in prices to be felt most acutely at the middle and lower end of the market.
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