
Home Scouts: Secret Weapon
Despite our mild climate, winter is traditionally a slower season in the world of real estate – making it an attractive time of year for buyers to get into the market. Rebecca Jamieson Dwyer finds out how this – plus a range of other factors – are creating hot opportunities this winter.
After a highly eventful few years in the Noosa real estate landscape, the market looks like it’s taken its foot off the gas slightly – which could be good news for anyone looking to secure a property in this beautiful slice of paradise.
Buyer’s agent Bronwen Stacey has lived in Noosa for many years alongside three generations of her family, and has the experience and expertise to interpret market movements, acting as a secret weapon for clients who are looking to get a foothold in the Noosa region – either as owner-occupiers or investors.
If you’ve been dreaming of your own beautiful Noosa abode, Bronwen believes there are a few reasons why this winter might present the perfect sea-change or investment opportunity.
“Firstly, sales volumes in Noosa Heads have seen a decline over the first quarter of 2024, and according to CoreLogic, just 5.7% of properties were sold during that period, which is the lowest rate in over 10 years,” she says.
“In addition to this, the median number of days a Noosa property spends on the market before selling – an indication of the speed at the market – currently sits at 64 days. And the Noosa Heads median house price is now at $1.805 million, which according to CoreLogic, has dropped by approximately 8.6% from the previous 12 months.”
These statistics are a huge departure from the market activity we’ve seen over the past few years, where, driven by the pandemic, real estate prices in Noosa rocketed to record highs. But how high is too high?
According to Tim Lawless, CoreLogic Research Director, in an Australian Financial Review article earlier this year: “Many areas in Noosa recorded a spectacular increase in values during the worst of the pandemic, arguably overshooting the mark of what could be considered fair value.”
As an area of unbelievable natural beauty with a thriving food and cultural scene, and a welcoming community – plus limited housing stock, which helps encourage high demand – Noosa prices aren’t likely to dip too far and Bronwen says the recent change in conditions is certainly helping to create more favourable conditions for buyers than we’ve seen for a few years.
“The speed of sales has definitely slowed, and when there are more houses on the market for longer, this gives buyers more choice and more time to think, which can create really favourable buying conditions,” explains Bronwen. “So for buyers that may have been priced out during the pandemic and couldn’t plan their Noosa move or investment, there may still be opportunities.
“I don’t think we’d ever say there’s going to be massive drops or that it’ll be discount central, but it’ll definitely be better conditions for buyers.”
In contrast to Noosa, the Sunshine Coast Local Government Area continues to perform strongly, with prices continuing to rise, according to a recent market update from Colliers. But why the difference? Bronwen says that there are a few factors contributing to this.
“The median price is a lot higher in Noosa, so perhaps people are becoming more cautious about taking on these bigger debts,” she explains. “Plus there’s a lot more affordability in other pockets of the Sunshine Coast – you can still get a beachside renovator for the $1.5 to $2 million price point and there’s lots of interest, which is perhaps why that market continues to grow.”
One thing’s for sure – the property market is never boring, and having an experienced buyer’s agent on your side will help you make sense of its fluctuations and hone an effective strategy that suits your unique goals.
“As a buyer’s agent, I’m not only across pre-market as well as off-market opportunities that might be available, but I can also help provide insights on the properties that are currently offering better value,” says Bronwen.
“Seeing the data is one thing, but that combination of data with on-ground knowledge and trends is very powerful when it comes to making such a huge decision. I’m right in the heart of it, so I can help buyers refine their strategy and determine when’s the right time to jump in – whatever the market is doing.”
So what’s Bronwen’s key message to hopeful buyers when it comes to searching for their dream home or investment property in Noosa this winter?
“If you have pre-approved finance and are ready to purchase, this year’s winter market could result in decreased buyer competition,” she says. “The trend is for property listings to gradually increase as we move towards spring, and if this does happen, it could create the perfect window for savvy buyers ready to jump on a great opportunity when they see it.”
Good luck and happy hunting!