Despite predictions of massive house price drops for Southern cities, Noosa real estate will stay strong and continue to grow, experts said.
Laguna Real Estate principal Olivier Miller predicted Noosa region to see a 3-5 per cent market growth over the next 12 months, defying downward trends expected for its neighbouring areas.
“Across the board, we have seen a healthy increase in some sectors, namely Sunshine Beach and Noosa Heads, an incredible 34 per cent growth over the last five years and with our prices still very affordable compared to Sydney and Melbourne,” Miller told Noosa News.
Experts attributed this growth to the limited available land and strong interstate migration into the region. Noosa has become the most crowded rental market in the Sunshine Coast with a vacancy rate of only 1.6 per cent.
“We are enjoying a robust local economy, with major infrastructure projects being undertaken – such as the Sunshine Coast Airport, Sunshine Coast University Hospital, plus numerous technology hubs – creative incubator industries popping up and continuing population growth,” said Kess Prior, partner at Hinternoosa.
“And let’s not forget the fundamentals that have never changed – pristine beaches and rivers, national parks, clean air and a magnificent climate plus the rural countryside and hinterland communities.”
Prior said the hinterland region has seen significant year-on-year growth since 2011, reaching to 756 property sales in the 2017-18 year with an average sale price of $758,000.
This is in line with a recent CoreLogic report, which found that housing values in Sunshine Coast grew 6 per cent in the past 12 months while the capital cities experienced declines.