Sunshine Beach records $700k drop in annual median house prices
A coastal suburb near Noosa known for its million-dollar properties and celebrity inhabitants has had one of the biggest median price drops for beachside areas nationwide.
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New property data has revealed a coastal town near Noosa known for its multimillion-dollar properties and celebrity inhabitants, has recorded one of the biggest yearly drops in median house prices nationally.
A property report from Ray White data analyst William Clark stated Sunshine Beach in the Noosa shire had the second-highest yearly decrease in median sale prices of all Australian coastal towns, with a $700,000 downturn between 2022 and 2023.
This was second only to Eagle Bay in Western Australia, the data states, which recorded a $701,000 downturn.
Sunshine Beach has long been regarded as a hotbed for celebrity activity, with big names such as Karl and Jasmine Stefanovic and former Prime Minister Kevin Rudd’s partner Therese Rein snapping up multimillion-dollar properties in the area.
But veteran Noosa real estate agent Tom Offermann said the downturn in median house prices did not reflect a downturn in property values.
“Half of the sales are above (the median house prices) and half of the sales are below … there were in the previous (yearly) period, a lot of high value sales that transacted,” he said.
“Those properties aren’t available now, so the median price is reflecting the type of properties that have been selling, rather than the actual values of properties going up or down.”
He said the number of Noosa shire property sales in the 2022-2023 financial year had declined by about 30 per cent, due to shortages of listings.
“However, the average price of all of those properties across the shire stayed absolutely level,” he said.
“We have some properties that are breaking new records and some are at a slight discount to where they were 12-18 months ago.
“We have such a vast range of property values from million-dollar properties to $30m dollar properties.”
Mr Clark said in his report the suburbs with top median price growth spanned areas of both luxury and medium affordability.
But Byron Bay, which experienced high-demand after Australian superstar actors Chris and Liam Hemsworth migrated to the area and locals were forced out, was not included in this list.
This was dubbed “the Hemsworth effect”, Mr Clark wrote, but the absence of Byron Bay indicated this phenomena was a “thing of the past”.
But while Sunshine Beach recorded a downturn, other suburbs south of Noosa recorded some of the biggest increases of coastal towns across the country.
Dicky Beach in Caloundra recorded the third highest yearly increase in median house prices at $412,500, while nearby Shelly Beach in Caloundra recorded the sixth highest at $372,125.
Noosa Heads recorded the tenth highest increase in median house prices at $290,000.
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