Noosa Property Market Update – 3rd Quarter 2024
Population growth in Queensland, boosted by both interstate migration and overseas buyers, continues to bolster the South East Queensland housing market. Moreover, interest rate stability, with potential cuts anticipated in late 2024, could reignite buyer activity even further.
Amidst slightly lower sales volumes, the September quarter offered clear signs that property prices are stabilizing after their earlier pandemic-driven declines. Values have remained steady now across several consecutive quarters, with certain sub-markets even experiencing minor increases. Positive inflation figures and growing optimism that interest rates have peaked have helped reassure both buyers and media, leading to a more balanced outlook.
A mix of active local buyers, interstate and overseas demand continued to underpin the market, as a steady influx of young families pursuing a tree or sea-change, along with pre-retirees eager to secure their future homes, bolstered buyer activity. Retirees, too, played a notable role, seeking both seasonal “lock-up-and-leave” properties and more permanent residences. Unlike many other regional areas, this region has seen minimal out-migration, with recent relocators increasingly settling down, transitioning from renting to buying.
“Buyer competition remained strong for high-quality, turnkey properties in prime
locations, with multi-party bidding regularly driving prices to new records”
– Adrian Reed – Director & Founder, Reed & Co. Estate Agents
In contrast, properties in less desirable locations or requiring significant renovations saw less competition, allowing prospective buyers more time to weigh their options. However, when these properties were appropriately priced and marketed, they still sold quickly and effectively.
The increase in ultra-high-net-worth individuals (with a net worth of $40 million or more) is also fuelling prestige demand. Many wealthy buyers are cash-rich, allowing them to compete in the high-end market without needing finance, thereby pushing prices higher.
Our agents are area experts, offering years of experience and in-depth knowledge, so 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.
