Suburb spotlight: Noosa set for price growth and sales activity in 2014
Noosa Heads is on the cusp of solid price growth and sales activity over the next 12 months after prices slipped more than 25% following the GFC.
“I expect the market to regain a considerable part of that lost ground during 2014,” says Tom Offermann of Tom Offermann Real Estate.
Offermann says the busy springtime activity has set the scene for recovery.
“Noosa is still in early recovery mode – we are six to nine months behind the Sydney and Melbourne markets,” says Offermann.
Offermann says his agency is recording a 74% clearance rate, compared with just 42% at the same time last year.
Prior to the September election, Offermann says the market wasn’t really responding to lowering interest rates or the value on offer.
“Everyone was waiting for someone to go first.
“After the election a number of long-standing properties for sale started selling and buyers sitting on the sidelines felt they were missing out.
“They knew they had to jump in quickly as their choices were being depleted,” says Offermann.
Offermann says there is still great value around, but the longer investors leave it, the higher the prices they will need to pay to get into a limited market.
Overseas buyers represented about 5% of sales and were predominantly expatriates living in Asia and Europe.
The median house price in Noosa Heads is $672,500, a 14.3% decline in the past five years, according to RP Data.
The median unit price is $465,000, a 35.9% decline in the past five years, according to RP Data.
A three-bedroom cottage on Samara Place is on the market for $519,000.
Situated on a 530 square-metre block, the property last sold in 2007 for $520,000.
It is listed with Jason Wedge of Century 21 Conolly Hay Group Noosa Heads.
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On the other end of the spectrum, a four-bedroom home on Nairana Rest is on the market for $1.55 million.
Situated on 506 square metres, the home last sold in 2009 for $1.3 million.
It is listed with Kate Cox of Richardson & Wrench Noosa Heads.
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