Noosa unit prices hit new record high as region booms: REIQ

first_img Suburb Median price Annual change in median price TOP SUNSHINE COAST SUBURBS FOR HOUSE PRICE GROWTH Suburb Median price Annual change in median price More from newsParks and wildlife the new lust-haves post coronavirus8 hours agoNoosa’s best beachfront penthouse is about to hit the market8 hours agoSunshine Beach $1,750,000 33.2%Yaroomba $965,000 27.8%Minyama $1,165,000 26.2%Sunrise Beach $1,000,000 19.8%Moffat Beach $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% Lauren Tregear, 29, and partner, Khye Fromader, 34, with their two-year-old son, Tommy, outside their house in Peregian Springs. The Noosa region is seeing tremendous growth in house and unit prices. Photo: Lachie Millard.NOOSA’S median unit price has hit a record high of $715,000, making it the most expensive property market in the state.Despite apartment markets in other locations bearing the brunt of the coronavirus pandemic, the average unit price in the idyllic coastal haven increased 3.8 per cent in the three months to June 30, and is nearly 14 per cent higher than it was the same time last year.Over the past five years, unit prices in the region have grown more than 63.5 per cent, while in Noosa Heads alone, they have surged a staggering 99 per cent in that period. The view from the balcony of a unit on Hastings Street in Noosa Heads.House prices also continue to rise, with the median increasing 1.9 per cent during the June quarter to $836,724, on the back of five-year growth of nearly 48 per cent.Local agents say the region is seeing unprecedented interest and more profitable sales than ever before, despite being mostly inaccessible to buyers from outside the state.The Real Estate Institute of Queensland says the region is benefiting from being a domestic holiday location, with an influx of southeast Queenslanders flocking there once intrastate travel restrictions eased. Similar to its housing market, the low volume of listings is supporting the unit market with demand generally outstripping supply. Main beach at Noosa is always popular with locals and tourists.REIQ chairman Peter Brewer said Noosa had always been sought-after for its laid-back lifestyle, beautiful beaches and ecological areas, but the pandemic and the region’s strict population cap had only increased demand — particularly for luxury apartments. ”The Sunshine Coast has achieved something few jurisdictions elsewhere have managed; it’s maintained relatively high levels of well-performing property markets in defiance of COVID-19 — particularly the jewel in the region’s crown, Noosa,” Mr Brewer said.“With our borders still closed to both New South Wales and Victoria, that hasn’t deterred buyers from both Sydney and Melbourne in their search for property to purchase without ever having seen the property in person.“The ability for people to work remotely now is completely changing the paradigm and they’re happy to pay top dollar for whatever they can get their hands on.” Noosa’s laidback lifestyle and pristine beaches are part of its appeal.Lauren Tregear and her partner, Khye Frohmader, have lived in Noosa since they were kids and could not imagine living anywhere else.“We definitely consider ourselves lucky,” Ms Tregear said.The couple built their first home together in Peregian Springs three years ago and have watched house prices rise since.The area is slightly more family-oriented and more affordable than Noosa Heads or Sunshine Beach.Ms Tregear said she could not believe the interest in the region since COVID-19, particularly from people buying properties without setting foot inside them.“I’m not surprised people would want to live here,” she said.“I don’t think I could ever buy sight unseen, but I guess the area sells itself in a way.”The other regional market that outperformed in the June quarter was Toowoomba, where the median house price increased 1.4 per cent to $360,000. The unit market was equally healthy, with a median price rise of 3.2 per cent to just shy of $304,000 over the three months.Toowoomba was also the best performing major region for vacant land, with the median price increasing 9 per cent. The best performing unit market over the past five years was Centenary Heights, wherethe median unit price jumped more than 32 per cent.The REIQ says vacant land stocks have been absorbed and new home construction is set to boom between now and the end of 2020.Because Toowoomba is not heavily reliant on the tourism sector to sustain its economy, the closure of the Queensland border did not have a significant impact on the broader market in the region, according to the REIQ.The region is not overly reliant on the tourism trade so the market is expectedto continue to thrive post-pandemic. center_img TOP SUNSHINE COAST SUBURBS FOR UNIT PRICE GROWTH 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%last_img

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