Noosa unit costs hit new report excessive as area booms: REIQ

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Lauren Tregear, 29, and accomplice, Khye Fromader, 34, with their two-year-old son, Tommy, outdoors their home in Peregian Springs. The Noosa area is seeing super progress in home and unit costs. Picture: Lachie Millard.


NOOSA’S median unit value has hit a report excessive of $715,000, making it the most costly property market within the state.

Regardless of condominium markets in different areas bearing the brunt of the coronavirus pandemic, the common unit value within the idyllic coastal haven elevated 3.8 per cent within the three months to June 30, and is sort of 14 per cent larger than it was the identical time final yr.

Over the previous 5 years, unit costs within the area have grown greater than 63.5 per cent, whereas in Noosa Heads alone, they’ve surged a staggering 99 per cent in that interval.

The view from the balcony of a unit on Hastings Road in Noosa Heads.


Home costs additionally proceed to rise, with the median growing 1.9 per cent in the course of the June quarter to $836,724, on the again of five-year progress of practically 48 per cent.

Native brokers say the area is seeing unprecedented curiosity and extra worthwhile gross sales than ever earlier than, regardless of being largely inaccessible to consumers from outdoors the state.

The Actual Property Institute of Queensland says the area is benefiting from being a home vacation location, with an inflow of southeast Queenslanders flocking there as soon as intrastate journey restrictions eased.

Much like its housing market, the low quantity of listings is supporting the unit market with demand typically outstripping provide.

Generic view of main beach at Noosa, talk about how much they like Noosa , and its approach to tourism and tourists , as opposed to Byron Bay, Sunshine Coast, QLD.

Fundamental seashore at Noosa is at all times common with locals and vacationers.


REIQ chairman Peter Brewer mentioned Noosa had at all times been sought-after for its laid-back way of life, lovely seashores and ecological areas, however the pandemic and the area’s strict inhabitants cap had solely elevated demand — significantly for luxurious residences.

”The Sunshine Coast has achieved one thing few jurisdictions elsewhere have managed; it’s maintained comparatively excessive ranges of well-performing property markets in defiance of COVID-19 — significantly the jewel within the area’s crown, Noosa,” Mr Brewer mentioned.

“With our borders nonetheless closed to each New South Wales and Victoria, that hasn’t deterred consumers from each Sydney and Melbourne of their seek for property to buy with out ever having seen the property in individual.

“The power for individuals to work remotely now’s fully altering the paradigm they usually’re completely happy to pay high greenback for no matter they’ll get their arms on.”

Noosa’s laidback way of life and pristine seashores are a part of its enchantment.


Lauren Tregear and her accomplice, Khye Frohmader, have lived in Noosa since they have been youngsters and couldn’t think about dwelling anyplace else.

“We undoubtedly contemplate ourselves fortunate,” Ms Tregear mentioned.

The couple constructed their first dwelling collectively in Peregian Springs three years in the past and have watched home costs rise since.

The world is barely extra family-oriented and extra reasonably priced than Noosa Heads or Sunshine Seashore.

Ms Tregear mentioned she couldn’t consider the curiosity within the area since COVID-19, significantly from individuals shopping for properties with out setting foot inside them.

“I’m not shocked individuals would wish to stay right here,” she mentioned.

“I don’t suppose I might ever purchase sight unseen, however I suppose the realm sells itself in a means.”

The opposite regional market that outperformed within the June quarter was Toowoomba, the place the median home value elevated 1.4 per cent to $360,000.

The unit market was equally wholesome, with a median value rise of three.2 per cent to only shy of $304,000 over the three months.

Toowoomba was additionally the perfect performing main area for vacant land, with the median value growing 9 per cent.

The perfect performing unit market over the previous 5 years was Centenary Heights, the place

the median unit value jumped greater than 32 per cent.

The REIQ says vacant land shares have been absorbed and new dwelling building is ready to growth between now and the top of 2020.

As a result of Toowoomba isn’t closely reliant on the tourism sector to maintain its financial system, the closure of the Queensland border didn’t have a big affect on the broader market within the area, in line with the REIQ.

The area isn’t overly reliant on the tourism commerce so the market is predicted

to proceed to thrive post-pandemic.

TOP SUNSHINE COAST SUBURBS FOR HOUSE PRICE GROWTH

Suburb Median value Annual change in median value

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Sunshine Seashore $1,750,000 33.2%

Yaroomba $965,000 27.8%

Minyama $1,165,000 26.2%

Dawn Seashore $1,000,000 19.8%

Moffat Seashore $910,000 12.1%

Doonan $966,250 11.3%

Noosaville $1,080,000 9.9%

Bokarina $840,000 9.8%

Palmwoods $555,000 8.8%

Pomona $530,000 8.2%

TOP SUNSHINE COAST SUBURBS FOR UNIT PRICE GROWTH

Suburb Median value Annual change in median value

Alexandra Headland $438,000 15.3%

Noosaville $550,000 13.4%

Marcoola $410,000 9.3%

Caloundra $490,000 8.8%

Buddina $507,500 6.8%

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