2019 Year In Review
Noosa has switched into property mode again ahead of spring 2019.
With a positive tone underpinning current real estate media & positivity coming from the southern markets, we’ve seen an increase in open home attendance, enquiries, & listings. According to CoreLogic figures, spring sellers still remain in a good position, with the number of new-to-market listings in QLD down by 16.8% compared with this time last year.
It’s fair to say that the market seems to have responded positively to the stable government, we had the typical pre-election stand-off but this year it was exacerbated by negative sentiment from southern markets as well as the threat of structural changes to the property market proposed by the labour government if they were to get elected into office. Post-election was a huge sigh of relief for everyone in the marketplace with deals & enquiries materialised almost overnight.
As APRA lending restrictions relaxed, the AFR reported aspirational suburbs could be poised to get a boost from buyers who were previously priced out of the market. The prudential regulator has allowed banks to reduce their affordability buffers when assessing borrowers, reportedly bolstering some people’s borrowing power by up to 20%.
Noosa has been performing exceptionally well & in the 12 months to April 2019 has hit 5% growth, making it Queensland’s strongest area, as against Brisbane’s 3%, & the Gold Coast’s 2%. Since 2014, Noosa prices have risen 44%.
It has been a significant year for Reed & Co. Estate Agents recording some of the highest sale prices on Noosa in 2019. The highest sale for Noosa as of August this year is 2/23 Hasting Street at $8.25m. Second spot rests with Reed & Co at $7.1m for 54 Noosa Parade Noosa Sound, also a record for the street. Taking the third is with 27 The Esplanade, Sunshine Beach at $6.5m. Reed & Co. again feature in fourth position putting lot 2 The Frying Pan Track on the North Shore under contract for $6m.
Scarcity & a lack of supply is the new norm for buyers & sellers, we are not expecting any changes to that for the balance of 2019. There is no relief valve, Noosa’s population is capped because there are no significant development sites left & is completely surrounded by National Parks.
It is now evident that the Noosa market peaked at the back end of 2018 & the median house price has retreated marginally from there.
Here is the wrap on the latest trends in some of Noosa’s most talked about suburbs.
Want to know more about a particular suburb or property? Contact the team at Reed & Co. today for more information.