Whereas a federal election coupled with the end of a financial year is considered bad news for any property market, the Noosa suburb in the Sunshine Coast defies these odds as it posts better-than-expected auction results.
“Normally with these conditions, things would be extremely quiet; I would have been very happy with a clearance rate of 50 to 60 per cent,” said local agent Tom Offermann. “To get up to nearly 80 per cent… it’s really out of character. I haven’t seen anything like this in nearly 30 years of real estate.”
It has been a busy year for real estate in Noosa. Last quarter, it became the Sunshine Coast’s top performing suburb, having increased its median house price by 18.3 per cent in a six-month period. Properties are being sold at a range of $1 million to $4 million.
“It’s unusual to be selling so well given the election and I don’t see it slowing down in the next six months,” said Joanne Marek, principal of Mark Realty at Noosa Heads. “Ninety per cent of my buyers are baby boomers from Sydney and Melbourne who are cashing in on their property there, buying here, and then putting the rest in super.”
While Offermann agreed that the migration of investor buyers from Sydney and Melbourne was contributing towards the impressive results, Dowling Neylan agent Adrian Reed believes that the results can be attributed to a serious shortage of stock.
“There’s a sense of tension with buyers uncommon to this time of year but the problem is a lack of supply; there’s just not enough property being listed,” he said. “We’ve got a fundamental problem where people would like to sell but won’t because they know how difficult it is to buy another property.”
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