Remarkable times for the Noosa property market
The Noosa Property Market Annual Report 2021 is interesting reading in extraordinary times.
Adrian Reed of Reed & Co Estate Agents said it was a truly remarkable time in real estate history to reflect on, both for Noosa and for the greater Sunshine Coast region.
“It’s been a year that has paved the way for a very promising future for Noosa,” he said.
“The tension in the Noosa property market in 2021 was palpable and if it wasn’t on the radar as one of the hottest property markets in the country, it certainly is now.
“Price records have been rewritten daily, and the sense of urgency to secure prime property is at a level we have never seen.
“The common misconception is that there is a limited supply; however, statistics show that the number of properties sold is the highest we have seen in the past three years.
“The new sense of scarcity has been driven by the speed at which properties are being sold.”
Shorter days on the market meant stocks weren’t lingering or accumulating in the market, Mr. Reed said.
In some cases, discouraging sellers from putting homes on the market in fear that they won’t find the right property after successfully selling.
“The reality is that there were plenty of buying opportunities, this is a year where the old adage ‘fortune smiles on the bold’ rings true.
‘The Noosa market has matured beautifully – from a relatively volatile market 10-15 years ago to a highly desirable lifestyle market with a strong base of permanent residents supporting growth.’
Mr Reed said there was no single reason for the most recent acceleration in growth – rather a combination of factors.
“The existing underlying drivers that have supported a buoyant market over the past five years have been changing trees and changing seas, positive migration and holiday home buyers.
“Since the pandemic, we now need to add to the pool of financially capable families moving away from densely populated urban areas.
“Add that to the premium vacation home buyers who face limited international travel feeding the super premium market and you have the strongest market conditions in the country.”
In Corelogic’s latest property data, the median house price in Noosa Heads rose 37.8%, while Sunshine Beach, which shares the Noosa Heads postcode, rose 44.5%.
Noosaville, which includes Noosa Waters, also performed very well with a jump of 45.7%.
The median house price in Noosa Heads is now $2.04 million, while Sunshine Beach is at $2.45 million.
Noosaville is close behind with $1.91 million.
“Low interest rates and growing populations are expected to support market growth for 2022, and the prospect of international borders opening should drive demand up,” Reed said.
For Reed & Co. 2021 has been a year of significant milestones and proud accomplishments, both as an organization and as a high performing sales team.
“As a group, we have surpassed $500 million in sales; a milestone that took many agencies more than a decade to achieve, while we were able to do it in just three years.
“The most satisfying result is that our agents’ growth rate was three to four times the market growth rate, as they created momentum in a strong market.”
Of particular significance, 2021 also saw the welcome return of the company’s charity gala in conjunction with the Loyal and Humpty Dumpty Foundations.
With the help of the generous community of Noosa, $437,000 worth of emergency pediatric medical equipment was purchased for local and regional hospitals.