House price drop across parts of Noosa, top real estate agent says

Some pockets of Noosa are experiencing price declines of more than $200,000 while other areas including the top end continue to hold strong.

Top end properties defy the current real estate price drop, while other areas in Noosa fall.

Property prices in some Noosa enclaves have dropped more than $200,000 while the trophy homes at high-end streets continue to record sales above $10m.

New data shows prices dropped 12.3 per cent across the Sunshine Coast compared to March last year and 15.4 per cent – or $220,768 – in Noosa.

Noosa real estate agent Kate Cox who describes the current property climate as “a fair market” says she is noticing listings are taking longer to sell.

Bought in July 2021 for $3,300,000, Noosa agent Kate Cox sold 51 The Quarterdeck Noosa Heads in November 2022 for $4,800,000 after a slight renovation.

51 The Quarterdeck Noosa Heads is on Noosa Hill, one of the enclaves which have held firm during the recent downturn.

Ms Cox, who has worked in the industry for 15 years said the “very unconventional market” the region experienced during Covid which peaked in 2021 was “not part of a normal historic market you can work on and plan on”.

“It wasn’t normal, but neither was anything that was happening,” she said.

CoreLogic Research director Tim Lawless said the pandemic resulted in Noosa overshooting “what could be described as fair value, and housing prices are correcting”.

“Noosa was one of Australia’s strongest growth markets through the recent upswing, with dwelling values surging 60% between March 2020 and the cyclic high in March 2022,” Mr Lawless said.

Ms Cox said Noosa historically “tends to do better” when “something in the world goes wrong”.

“We’re always seen as this shining, bright area that could be called Truman Show, we are so perfect and in a risky environment which our world is at the moment, they want Truman Show, they don’t want risk,” she said.

Tom Offermann agent Eric Seetoo says Noosa properties at the top end of the market are still selling for “well over reserve” including the sale of 2/29 Allambi Rise Little Cove which sold for $7.6m on Monday.

Last sold in 2013 for $3,450,000, 2/29 Allambi Rise Little Cove sold for $7.6m on Monday as some Noosa Heads enclaves hold firm amid the property downturn. Picture: Tom Offermann Real Estate

Last sold in 2013 for $3,450,000, 2/29 Allambi Rise Little Cove sold for $7.6m on Monday. Picture: Tom Offermann Real Estate

Properties like 2/29 Allambi Rise Little Cove at the higher end of the market have not been affected by the downturn. Picture: Tom Offermann Real Estate

Mr Seetoo also sold a recently renovated riverfront home on Witta Circle for $19.5m in March.

“The top end has stayed stable the whole time,” Ms Cox said.

Ms Cox said pockets of Noosa have dropped though including Tewantin, Noosa Waters dry block, Cooloola Hill and the Noosa hinterland.

Bought for $1,100,000 in March 2022, 4/13 Viewland Drive Noosa Heads was sold by Kate Cox for $1,350,000 in March this year.

4/13 Viewland Drive Noosa Heads is in a “low risk” enclave which is defying the downturn.

Ms Cox said people are also selling properties they purchased during Covid to relocate within the area, resulting in a surge in listings.

Mr Lawless said it is likely prices will continue to fall as interest rates move higher and sentiment remains low.

However, considering the deceleration in the rate of decline, it may be the case the worst of the downturn is now behind us, he said.