Property: A Year in Review with Kirstie Klein Hunter
As life slowly returned to pre-covid normality, this year was going to be telling in terms of what would happen to the property market. With the start of a new year around the corner, Jennifer Swaine asks Kirstie Klein Hunter to reflect on the trends of 2022 and where she thinks we are headed in 2023.
While we faced increasing inflation and a flurry of rapid interest rate rises, according to Kirstie Klein Hunter, a Buyer’s Agent who specialises in the Noosa market, the Noosa prestige property market has not been adversely impacted at this stage.
“What people need to remember is that there is a finite amount of stock in Noosa,” Kirstie says. “This doesn’t change, so if you want to get into the Noosa market there will always be a level of competition as demand simply does not dry up.
“In some areas, we are seeing properties on the market a little longer than they were 12 months ago, but they are still turning over at a steady pace.
“When the annual price growth statistics are released in January 2023, I think people may be surprised at how the Noosa region has held up. The demand for property, particularly in the exclusive enclaves like Little Cove and Noosa Heads, continues to exchange hands for very healthy sums.”
As we head into 2023, Ms Klein Hunter reflects on the past 12 months and discusses what we are likely to see:
Investment boltholes continue to focus on apartments
Twelve months ago, Kirstie noted there was a significant shift in what buyers were looking for when purchasing investment boltholes. Early in 2021, houses were the preferred option, and this changed towards the end of that year with a focus on apartments. According to Kirstie, not only has this trend continued in 2022, but it has ramped up.
“This trend has been driven by the continued changes and restrictions around Noosa’s Letting Laws but has also been driven by price to some extent,” she said. “Because of the location to Hastings Street and the ease of use, purchasing in quality establishments with existing use rights remain in demand.”
Last year, I asked Kirstie whether many of those that had relocated to Noosa during Covid would stay, Kirstie said she believed they would but that some would definitely go.
“People forget that holidaying and living permanently in a place can be two very different experiences,” she said. “It is an adjustment for many people to make and it is not for everyone, especially if you want a lot of the things that are readily available in a city such as a busy nightlife, big events, large shopping malls and late night dining.
“This year we have seen some houses purchased 12 months ago come back on the market as the owners returned to where they came from. It was always going to happen, and I think we will continue to see that – but it won’t be a mass exodus of people.”
Because the Noosa market is so tightly held, often the only way to secure a property that you really want is by using a well-established and credentialled Buyer’s Agent like Kirstie, who has solid relationships with real estate agents and who knows the Noosa area like the back of her hand.
“There are more properties transacted off-market in the Noosa area than people realise,” Kirstie said.
“One of the reasons for this is that the buyers have significant wealth behind them, they are not impacted by interest rate rises and they are prepared to go after what they want. It doesn’t mean they will pay more than what the market says it is worth, but they are often very happy to start a conversation to secure the right property.
“Because Noosa is such a tightly held property market, negotiating off-market is often the only way to transact; otherwise you could be waiting for the right property for a very long time.”
The Noosa Hinterland, which includes Eumundi, Cooroy and Doonan continues to be popular among buyers seeking a country lifestyle in a location that is close to beaches and business areas.
“Prices continue to rise, especially for prestige acreage properties and there is not a lot of stock around,” she said.
“Eumundi was named as Queensland’s best performing property suburb in June 2022*, and it’s easy to see why.
“Most properties have a lovely outlook, there is plenty of space and it is a beautiful, iconic country town that is only a short drive into Noosa or Maroochydore and Brisbane is only an hour away by car.”
As we prepare to herald in the new year, we can expect demand for apartments in Noosa and hinterland properties to remain strong, off-market deals (many that we will never hear about) to continue, and we will bid farewell to a few who find our pace not quite to their liking.
Whatever 2023 has in store for us one thing is certain – there will be limited new stock added to the area which means Noosa will continue to be a tightly held location and sought-after market.
* Domain House Price Report, June quarter 2022.