It’s been another brilliant year for Noosa real estate owners with a mixed bag of sales results as some properties softened in value, while others have set new records. Leading principal Tom Offermann said there have been some big factors at play this financial year, particularly the rising interest rates.
“Hopefully they are close to the peak of the cycle,’’ he said.
“For those with cash deposits this is good news, and for others it is a time to tighten the purse strings.
“Many positive influences have also been at play.
“The huge increase to half a million people immigrating to Australia annually and all needing roofs over their heads will exacerbate the national housing shortage, putting upward pressure on values nationally.
“The 2032 Olympics will increasingly attract strong migration and investment into Queensland, and the rapid increase in building costs has not yet been fully factored into values of existing homes. Watch this space over the next few years.’’
There have been fewer sales this financial year in the Noosa Shire, Mr Offermann said, with 1420 properties worth $2.4 billion settled compared to 2030 sales worth $3.4 billion the previous year.
That’s a 30 percent reduction.
“Interestingly, the average sale price is virtually unchanged at $1.69m. This includes houses, apartments and vacant land.
“Median prices, which are different to average prices, have fallen around 20 percent.
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Tom Offermann Real Estate agents were privileged to handle eight of the top 10 sales for the year which averaged $17.9m.
“Available properties remain at historically low levels which is largely the reason for the total number of sales being lower this year.
“Even though there is less selling, the market remains well-balanced with a large number of buyers interested in each property when it hits the market, providing it is sensibly priced.’’
Auction clearances are still around seven out of 10 selling on the day and the rest invariably sell afterwards, Mr Offermann said.
“The number of registered bidders is averaging around four, with some still generating 10 interested parties.
“Private treaty listings (properties listed at a price) are tending to stay on the market for longer, and any listed without a price, other than auction, receive little attention from buyers.’’
The past month of this financial year was again busy for the team at Tom Offermann Real Estate, heralding another great year ahead.
Auctions attracted large crowds and several price records broken.
At 6 Pelican Street, Peregian Beach, the crowd flowed out onto the street of the 1960’s beachside cottage. Ten registered bidders were equally excited; however, it was ultimately sold under the hammer to a Brisbane couple for $2.55m.
Nine buyers with similar budgets remain and ready to buy with agents busily searching for new listings.
“This build-up of interest in Peregian Beach is reflective of a significant surge in activity along Noosa’s eastern beaches,’’ Mr Offermann said, “with a number of sales above $5m, including $7.5m for 51 Tristania Dve, Marcus Beach – a new record.
“Authentic, unspoiled beachside living is definitely in vogue.’’
One of just a few vacant allotments in Little Cove, at 11 Little Cove Rd, near the entrance to the Noosa National Park, went to auction but surprisingly failed to reach the reserve price.
It sold soon afterwards in the $5m range to one of Noosa’s most respected home builders.
Home buyers should register their interest for a spectacular residence which is expected to be completed in 2024.
A new record for Noosaville homes was also established this month, Mr Offermann said, and details are under wraps at the request of the parties until settlement.
At the auction of a four-bedroom house at 7 Honey Myrtle Rd, Noosa Heads, there was intense bidding before finally selling for $3.5m. This is a new record for Elysium Estate Noosa.
“We have some very exciting new properties coming onto the market this coming financial year,’’ Mr Offermann said, “including some of Noosa’s most notable properties that have been held by their owners for most of their lives.’’
Some of the top 10 sales were: 10 Kareela Ave, Noosa Heads: $10m; 21 Dolphin Cres, Noosaville: $12m; 7 Beaches, Sunrise Beach: $12.5m; 17 Allambi Rise, Noosa Heads: $19m; 49 Witta Circle, Noosa Heads: $19.5m; 68 Noosa Pde, Noosa Heads: $19.6m; 47 Mossman Ct, Noosa Heads: $23.250m; 6 Pelican St, Peregian Beach: $2.550m; 51 Tristania Dve, Marcus Beach: $7.5m; 7 Honey Myrtle Rd, Noosa Heads: $3.5m.
A TOUCH OF CLASS
The first event in the new financial year that Tom Offermann Real Estate is involved with is the inaugural Noosa Concours d’Elegance from 14 to 16 July 2023.
“We are thrilled to be a presenting partner of Concours d’Elegance, considered the most prestigious car show in the world,’’ Tom Offermann said.
“Seventy Concours vehicles such as an exquisite 1911 Benz, purportedly delivered in Australia to General Sir John Monash – the military commander of the First World War; a Mercedes Benz Gullwing; Bugatti Veyron; the multiple Concours winning one-of-a kind in Australia – the historic Ferrari Dino; and so many more.
“They will be given a police escort from Noosa Junction before taking up their display positions on beautiful Hastings Street. It will be opened by guest of honour Sandra Button, the President of Pebble Beach Concours d’Elegance.’’
EXCITING OUTCOME
Anne Powell at Laguna Real Estate had an exciting Saturday with the three-bedroom, three-bathroom house at 38 Toulambi St, Noosa Heads, selling at auction.
Then it was off to Tewantin for the first open house at 52 Hendry St, a former Boys Town prize home set for auction on July 15.
At Toulambi St, a crowd of more than 60 saw auctioneer Justin Voss do an outstanding job in engaging the audience of buyers and onlookers.
“It was a very exciting auction with lots of bids,’’ Anne said.
“There was much interest from locals living nearby, keen to see the market strength in their area.
“Interest also came from buyers only looking in the 4567 postcode, including those from Brisbane and interstate.
The property sold under the hammer to local buyers for $1.45m.
It had all kinds of appeal, but this was all about location for the buyer.
The four-bedroom, three-bathroom, two-car house on 506sq m at 52 Hendry St, Tewantin, goes to auction at 12pm on 15 July.
Built in 2006, this property sets a very high benchmark in the tightly held location of Old Tewantin, Anne said.
