Market Movements with Kirstie Klein Hunter
Like anything, there always needs to be balance and, as Jennifer Swaine discovers, the property market is no different.
We all know that real estate is cyclical. Markets are hot, stock is limited – and then the demand abates, pressures ease and the urgency to buy lessens.
When I spoke with Noosa Buyers Agent, Kirstie Klein Hunter, to discuss the developments of the beginning of 2024, the narrative was markedly distinct from what we observed at the end of 2023.
Post-Christmas Pause
While interest was high in the lead up to and post Christmas 2023, Kirstie said that the expected lull happened after Australia Day. While this in itself is a normal pattern, over the past few years we saw the market pick up again in early February. In 2024, this didn’t happen.
“Every year, just after Australia Day, things go quiet for a few weeks as school goes back, people wrap up holidays and get themselves sorted for the new year,” Kirstie said.
“We typically see activity return to the market reasonably quickly mid-February, but this year there is a definite softening of the market. Enquiries are down and people are choosing to wait for a few months as they watch the market.
“Properties are still selling and if it is in an exceptional location or an extremely good buy, such as a property coming onto the market for the first time in decades there will always be interest,” Kirstie said.
Buyers Market
Savvy buyers know that when a market softens and there are less active buyers to compete with, this is the time when opportunities to buy well often present themselves.
“When there are less active buyers in the market, property owners who are committed to selling are more willing to meet buyers at a price that works for everyone,” Kirstie said.
However, there are still properties on the market which demonstrates that there is a gap that remains between what some sellers are expecting and what buyers are willing to pay at this point in time. The difference is that many of these sellers don’t need to sell so they are happy to hold out until the market shifts.
Spring time uplift
While things may have quietened over the first quarter of 2024, Kirstie is confident that it is only temporary and come spring we will see activity increase in the lead up to the summer.
“People need to remember that we have a finite amount of stock in the Noosa region,” she said.
“People who are committed to selling will generally meet the market, but at the moment we have buyers that are happy to wait and sellers that are not in a rush so I think we still have a few more months of a soft market before we see it pick up again as spring approaches.”
Holiday market remains strong
“The holiday market is strong, and our portfolio is experiencing occupancy above 85 per cent with bookings for late spring, summer and over the Christmas period looking very strong.
“Investors who rent out their properties have done very well in recent years as people continue to be drawn to holiday in Noosa due to its irresistible blend of natural beauty, upscale amenities, and laid-back charm,” Kirstie said.
Noosa is a region that will always be in high demand due to its location, beauty and chic but laid back style – and it should be. This diamond is one of the many jewels that make up the greater Sunshine Coast and there will always be demand for properties in this very special enclave.
