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Noosa real estate: Richest and cheapest suburbs revealed

The astronomical rise of Noosa’s property market has become a seller’s paradise with suburban house prices increasing with no end in sight. SEE WHERE YOU CAN BREAK INTO THE MARKET:

Pristine Noosa mansion

The astronomical rise of Noosa’s house prices has reached new levels following a combination of the pandemic and interstate investors.

Properties that were fetching moderate prices for first home buyers and locals have risen by hundreds of thousands of dollars in affluent areas of Noosa with residents now being “priced out”.

Noosa Heads property prices have skyrocketed in recent months. Picture: Contributed
Noosa Heads property prices have skyrocketed in recent months. Picture: Contributed

Property analytics firm CoreLogic reported in January, 2021 the Sunshine Coast, which included Noosa, had housing values rise by 33.7 per cent over the calendar year.

High end restaurants and businesses have now begun to pop up to service this high-end market, including a new bar which serves a $101 cocktail.

Check out the full list of Noosa suburbs and their median growth below:

Garwoods Estate Agents principal Theodora Garwood spoke about Noosa’s property boom saying the region’s market has “escalated out of control” in the last two years.

“Owners who sold their properties during the pandemic are unable to downsize or buying anything similar due to the climate right now,” Mrs Garwood said.

“A lot of people sold thinking the market would crash or level out but we haven’t seen that at all, it’s continued to grow in a northerly direction and we don’t know when it’s going to stop.”

Theodora and David of Garwoods Estate Agents. Picture: Erle Levey / Sunshine Coast Daily
Theodora and David of Garwoods Estate Agents. Picture: Erle Levey / Sunshine Coast Daily

Lifestyle options and scenic views have led to suburbs such as Sunshine Beach at the top end of the Noosa Shire increase in value by up to 80 per cent since the start of the pandemic in March, 2020.

Mrs Garwood said two bedroom and one bathroom units that sold for about $550,000 historically are now going for up to $890,000.

“It’s been a seller’s market in more ways than one,” she said.

“Many people are now in fact holding onto their property because they now can’t buy back in at a lower price.

“Sunshine Beach has gone ballistic with non-waterfront homes going for $10m at least.”

Richardson and Wrench principal Shane McCauley said the suburbs surrounding Hastings St had “surged” as well.

Shane McCauley of Richardson and Wrench Noosa.
Shane McCauley of Richardson and Wrench Noosa.

“That top end coast areas of Noosa and Sunshine Beach has really jumped,” Mr McAuley said.

“We had an offer just on the weekend for a three bedroom Hastings St apartment for $17m.

“That’s a suburb record.”

Mrs Garwood said cashed up interstate buyers have begun to squeeze out local buyers in the market with areas such as Sunrise Beach and Marcus Beach benefiting.

“These buyers from New South Wales and Victoria will pay $2.2m for three bedroom home in the Noosa area which historically may have only sold for $1.2m,” she said.

Sunshine Beach. Picture: Contributed
Sunshine Beach. Picture: Contributed

“They’re happy to pay the extra $1m which is pricing out the locals.

“It’s good for sellers but not for locals at the moment … I’ve never seen a market like this before.”

So where can first homebuyers go?

Core Logic data for November, 2021 showed suburbs such as Lake Macdonald, Black Mountain and Noosa North Shore were on their way to cracking the $1m price category.

“Anything on the other side of Eumundi, Cooroy or even west of Kenilworth you’ll be able to find new developments with townhouses going for the mid $700,000s,” Mrs Garwood said.

“They’re quite good for those who want to downsize.”

A stunning Hastings St apartment in Noosa Heads.
A stunning Hastings St apartment in Noosa Heads.

Mr McCauley said smaller blocks in hinterland areas such as Doonan and parts of Tewantin were spots first homebuyer’s could snap up.

‘Tewantin has become a popular place as its great for young families with its schools, local shops while still being close to the beach and the river,” he said.

“On the outskirts of the Noosa Shire in places such as Peregian Beach they’re more affordable areas to relocate to otherwise you’re looking for $1m plus for everything at least.”

Original URL: https://www.couriermail.com.au/news/queensland/noosa/property/noosa-real-estate-richest-and-cheapest-suburbs-revealed/news-story/c1628e6d8965ad132e21a1aecd8ae0bb