Whilst the temperatures in the Noosa Hinterland are falling, the interest in our property market certainly isn’t! As we start a new financial year and reflect on the last 12 months that were, we can see there has been a dramatic increase in the trend to find a piece of paradise in our region. In fact, our figures show there have been 2089 more buyers looking for property in the Noosa Hinterland since July 2020.
Listings have been at an all-time low, which has seen multiple offers at an all-time high and a dramatic increase in prices being negotiated for properties with a shortened time on market.
Nationally, we have seen a median price rise of 4.30% since July 2020. The vast majority of our Noosa Hinterland suburbs enjoyed double digit capital growth this financial year, the biggest surge being the second half of 2020. In fact, the entire Sunshine Coast is a standout performer in Australia for capital growth over this time.
The newfound ability of many to work from home and lifestyle reassessments brought about by Covid-19 has driven the movement to regional locations like ours. The desire being for space, outdoors, large gardens and proximity to a vast array of recreational pursuits.
The large majority of buyers in our area over the last 12 months have been owner-occupiers. 40% were local Noosa Hinterland residents, 20% from beachside, 15% from southern states, 11% from Brisbane, 8% from Regional Queensland and the remainder from the wider Australian region and overseas.
Traditionally we see listings dwindle over the winter months as people wait for the warmer conditions of spring to market their home. This doesn’t need to be the case this winter. With plenty of eager buyers disappointed from missing out on properties over the past months, we encourage sellers to think about going on the market now. A Queensland winter is a welcome relief for southerners who are ready to buy now and sellers will benefit from the lack of competition with other properties that are likely to come on the market in spring.
The rental space is also still very competitive with extremely low vacancy rates. Rental prices have been increasing over the last 12 months and we are now starting to see that stabilise. Although the number of applicants per property is still high, the frenzy has subdued from 6 months ago when we were seeing 30 or more applicants per property.
The forecast until the end of the year and beyond looks very positive as buyer confidence and interest in our beautiful region is expected to remain strong.