Still Sizzling with Kirstie Klein Hunter
Opportunities are still there for the savvy buyer; Jennifer Swaine reveals that the best buying opportunities can be found with the right help.
As I pen this article, we have a Federal election pending, the Reserve Bank of Australia has increased the nation’s official cash rate for the first time in more than a decade and inflation is on the rise.
You can’t help but imagine this has also impacted the property market.
But, as we know, the Noosa property market is quite unique – there is a finite amount of stock available and interest and demand for the area continues to grow.
According to buyer’s agent, Kirstie Klein Hunter, who is a specialist in the Noosa area, the demand for prestige property continues unabated with cashed up interstate buyers actively looking for the right property to purchase.
“There are still a lot of people looking for a safe haven for their money and purchasing a prestige property in Noosa fits the brief nicely for them,” she said.
“Position and privacy are important but without a doubt, the property must be on the waterfront, have outstanding water views or be an upmarket hinterland property.
“These buyers are primarily investors but there is also still a lot of enquiries from people who are exiting the Byron Bay region because they see the Sunshine Coast as a much better alternative.
“Additionally, the majority of my clients are negotiating on property that is not actually on the market yet.
“Because they are cash buyers and are ready to transact, we are able to move quickly when the right property comes along,” Kirstie said.
Kirstie specialises in the Noosa region and works with real estate agents to secure properties for interstate and overseas clients.
Here’s what she thinks we will see in the coming months:
ENTREPRENEUR EXODUS COMES NORTH
As part of her business Kirstie’s team manage a boutique portfolio of client’s investments. This gives her insights into who is renting and why they have come to the Sunshine Coast.
“Without a doubt, the majority of the prestige properties we have for rent are being taken by Byron Bay entrepreneurs who are making the move,” she said.
“They see Noosa as offering better value for money and many have told me they have grown tired of how busy Byron Bay has become and that the congestion is now intolerable.
“For them, Noosa, and especially the Hinterland is seen as a much more attractive option and they are are renting here while they try and find a property that suits their needs.
“Word has definitely got out in the Byron Bay community that Noosa and the Sunshine Coast is a more attractive option and I continue to field a steady stream of enquiry from people ready to make the move,” Kirstie said.
SIT ON THE SIDELINES – AND MISS OUT
Kirstie said that the election, interest rate rises and increasing inflation had caused a few buyers to err on the side of caution and sit on the sidelines.
“People that are naturally cautious have really pulled back and taken a wait-and-see approach but as a consequence, they have missed some incredible opportunities,” Kirstie said.
“In a market that is still competitive you need to be prepared to act quickly and if you choose to play it safe these opportunities will be missed and are not likely to ever come up again.
“Of course, people need to do what is within their comfort zones, but my clients know that when I tell them something is an incredible opportunity I do so because I have the background and knowledge and truly know this market – and it has worked to many of my client’s advantage.”
INTEREST RATES STILL AT RECORD LOWS
For many homeowners, the recent rate rise will be the first one they have ever experienced – and by all accounts, it will not be the last.
However, it is important to remember the current interest rates are still very low compared to what they used to be a few decades ago.
“I think many people have become conditioned to the incredibly low interest rates because they have been so low for so long. We must expect that a rate rise can and will happen and that it is a normal thing,” Kirstie said.
“It is important to understand what you can afford to pay on a mortgage but to also have a buffer in place for when rates increase, as they are prone to.”
INTERSTATE MIGRATION CONTINUES
While enquiries from down south have slowed, Kirstie said they are still coming.
“Over the last two years, people were absolutely desperate to escape lockdowns. Noosa and the Sunshine Coast more broadly offered an attractive haven for them,” she said. “People are still moving here but that segment of the market has definitely slowed.
“What I am seeing is an increase in investors who want to secure property here, either as a long-term investment or for when they are ready to relocate and they just don’t want to miss out.”
Without a doubt, the Noosa region is one of the most beautiful regions in Australia. Whether it be manicured hinterland or sweeping views of pristine waterways it has something for everyone.
But with a finite amount of stock, much of which will never come onto the market, gaining access into this special piece of paradise may continue to be harder than it once was.