Noosa property market holds firm as Byron Bay falls

Leading real estate agents say Noosa is becoming the “new Byron Bay” as the property market continues to hold firm while the Northern Rivers teeters.

David Berns says the Noosa market is holding up ahead of Byron Bay.

Dubbed the “new Byron Bay”, Noosa property prices are holding up as the Northern Rivers area experiences a significant price drop.

Property data firm CoreLogic announced last month that of 25 regional markets around the country, the New South Wales region of Richmond-Tweed – which takes in Byron Bay – was the worst performing.

Since peaking, Byron Bay house values have dropped by 26.8 per cent, but remain 15.2 per cent above March 2020 levels, while Noosa fell by 16.3 per cent, but remained 33.9 per cent above levels at the onset of Covid, CoreLogic data states.

It was understood proposed new short-term accommodation laws for the Byron Shire reducing the number of days available for short-term rentals from 180 to 90 a year may also have contributed to the decline in house prices.

How Sunshine Coast dad was asked to build Shaq’s new pool

Kurt Henson, who is based in Lennox Head and the Creative Director of the Surfboard Agency in Byron Bay says it seems there has been a large drop in prices due to restrictions on short-term rentals.

A Byron Bay Airbnb at Wategoes Beach.

“In my opinion, the additional supply of properties in conjunction with interest rate increases has seen some properties dropping in price between 20 – 40 per cent,” Mr Henson said.

Brown and Co Holidays boutique agency general manager Ashleigh White said Noosa’s exclusivity, driven largely by older demographics, couples and European travellers, was helping prop prices up.

“I feel like Byron these days tends to be a lot more of the younger crowd, and while you still get your backpackers in Noosa, I think it’s more niche and up market,” Ms White said.

12 Noosa Pde Noosa Heads sold for $27m in November 2022.

“We don’t try that hard to sell Noosa to people, because I think Noosa sells itself; it’s the lifestyle here and the people and weather, everything.”

Sunshine Coast real estate agent David Berns says he is seeing “a lot of Byron Bay people selling out and coming this way as well”.

Yandina dad to build eco pool for Shaquille O’Neal

“Since Covid rural has outperformed town and basically people wanting to get their hands dirty, and suddenly they’re growing vegetables and they can stay at home more and work,” he said.

Mr Berns described the Noosa hinterland as “a little hidden gem” and said people were only now discovering it, with properties currently selling for upwards of $20m.

Luxury villa accommodation in the Noosa Hinterland at Mayan farm, Queensland. Picture: Jesse Lindemann

“The actual Byron Bay hinterland New South Wales people really love, but our hinterland I think was underrated for many years,” Mr Berns said.

“You’ve got everything you want, you’ve got the beaches and the shops, but you’ve got your own little area that you can have your family and friends.

“There are some gorgeous spots in Byron but we have just as many beautiful spots in the Noosa hinterland as well that people don’t even know about.

“We don’t have to worry about the busyness, and up in the mountains it’s just beautiful.”

Originally published as Noosa property market holds firm as Byron Bay falls