Market Update – 1st quarter 2023
The dream of living the Noosa lifestyle is still alive and well in 2023 with buyers continuing to drive strong sales at the top end of the market. The super prestige sector ($10,000,000 plus) and prestige sector ($4,000,000 to $10,000,000) have performed extremely well so far this year, and it all comes down to opportunity. Noosa’s tightly-held, waterfront trophy homes have always been hard to get hold of, but supply continues to be particularly lacking in this space. When an opportunity to purchase one of these homes arises, there is always a willing buyer waiting to pounce.
At the lower end of the prestige market, buyers have been looking predominantly to purchase properties as principal places of residence, either relocating from interstate, Brisbane, or upgrading locally. These buyers – often treechangers, seachangers, or self-funded retirees, remain confident about the state of the market, despite a change in sentiment, rising interest rates, and cost of living pressures.
Looking ahead, the prestige market will continue to perform well, and we’re already seeing that so far in the second quarter.
Investment-grade stock will continue to face yield pressures that may impact value, and the lag effect of interest rate rises may continue to impact the lower end of the market. But the fundamentals remain strong. Unemployment is low, the local economy is thriving, and the appetite for living in Noosa shows no signs of abating.
