Noosa Market Report June 2008

MEDIA RELEASE - JUNE 2008

The Noosa real estate market continues to show some resilience to national market trends, with consistent sales throughout the town, albeit at lower turnover levels. Prices have remained constant, although we do expect some discounting over the next two months, this is unlikely to be at any great levels.

We have just secured the sale of an apartment in Little Cove in the Upper Hastings building subject to conditions and have concluded the sale of a house in Little Cove for a record price, details of which we cannot disclose due to confidentiality agreements.   This sale does illustrate that buyers are out there for prime positions.

Sales up to the $1 million range are most consistent and prime positions in Sunshine Beach are still selling well. Examples include: a house in Seaview Terrace sold for $3.2 million; an apartment in the Casa Blanca building that sold after being listed in the $1.6 million range.

We are forecasting an increase in turnover as we come out of Winter.   It is likely the best buying will be over the coming two months and smart purchasers for prime locations should be buying now, as the opportunities are unlikely to be there next year. Winter guest visitation has been slower, due to guests either tightening their belts or travelling overseas, taking advantage of the value of our dollar.

This is evident in the airlines considering cutting flights to the Sunshine Coast, something we don’t want to see. This slowing in visitors to Noosa does affect the real estate market, as most purchases made are discretionary by nature. It’s important to realise these market conditions are fundamentally cyclic, creating a great opportunity to buy very well with a long term view to ride the upward swing of the cycle to come.

For more information on a particular area please contact our office on 07 5447 3855 or info@dowlingneylan.com.au.

Kind Regards

Dan Neylan
Director