Great southern wave: Why Noosa seems immune to rising rates and falling prices
Noosa really is different. While most Australians are struggling with cost of living and rising mortgages, Noosa is surviving on the demand of wealthy interstaters.
The Fair Work Ombudsman has revealed that a number of restaurants within the Noosa Council precinct are being investigated over possible wage thefts. (Photo: supplied)
The beach town, known by some locals as Toorak North, has become a second home to wealthy Victorians and the target of others who desperately want to get in. Real estate in the area is still selling at big mark ups after price rises of about 50 per cent during the past two years.
Three Noosa properties in the past month went for more than $10 million and another, on Noosa Parade, is on the market for $21 million.
According to real estate agent Tom Offerman, Noosa still has substantial wealth, mostly from people who were either based in southern capitals or locals who once were from interstate and were and moving within the Noosa council area. Sunshine Beach was also benefitting from the demand.
“Some will live in Sunshine Beach and decide they want to move to somewhere into Noosa,’’ Offerman said.
They have been queueing up since Covid hit and the trickle of stock onto the market meant there was still a long line waiting to get in.
“There’s still quite a Covid-induced effect,’’ he said.
He said the reason the town had been able to sandbag itself against major price falls was that there still a significant amount of financial capacity and a backlog of buyers.
“They are still waiting for the surge of listings that has never happened,’’ he said.
That low level of listings was because people didn’t want to leave once they have found a way in.
Offerman said there were also a significant number of ex-pats who were facing pressure to return.
Clearance rates at auctions in Noosa were still at 75 per cent whereas in Brisbane it was below 50 per cent.
Prices for homes in Noosa were about 5 per cent to 10 per cent below the peaks in late 2021, which is similar to median price falls in Brisbane.
“When you consider that prices rose in 2021 by around 25 per cent after a similar amount the previous year, today’s prices are still fantastic for sellers who moved on their price to achieve a sale,’’ he said.
The problem is, there just aren’t enough people selling, a problem that exists in other parts of the Sunshine Coast, as well.
