Coast suburb named Queensland’s most expensive
NOOSA is officially Queensland’s most expensive suburb after the seaside tourism hotspot broke its median house price record.
The latest Real Estate Institute of Queensland report found that Noosa recorded a median house price increase of 2.8 per cent during the March quarter to $837,500, reaching $800,000 for the first time.
REIQ identified Noosa as the strongest performing housing market in Queensland and said the broader Sunshine Coast area was still a prime spot for investment.
“Noosa has clearly seen the biggest market gains in the greater region when you consider its ushered in a record median house price of $800,000 on the back of five-years’ growth of 44.1 per cent, making it the most expensive housing market in Queensland,” REIQ chief executive Antonia Mercorella said.
“And it should come as no surprise that Noosa also had the most expensive units in the State as well, which climbed 8.7 per cent to a median price of $625,000 over the last 12 months.”
The Sunshine Coast median house price rose by 0.8 per cent to $610,000.
REIQ Sunshine Coast chair Matt Diesel said the region had a “stellar” start to the year, but the number of sales fell dramatically after COVID-19 hit.
The biggest drop was in the number of sales of homes worth more than $500,000.
During the March quarter there were 639 homes sold in this price range, down from 1018 in the December quarter and 974 in September.
Despite southern buyers being locked out of the region due to border closures, Mr Diesel said sellers still achieved solid prices.
He said the reduction in sales activity in line with falling listings – similar to many other locations – had insulated prices.
Noosa’s unit market was also the strongest in Queensland during the year ending to March, with a median price increase of 8.7 per cent to $625,000.
The Sunshine Coast’s unit market prices increased one per cent to $427,000, the report said.
But the report found Noosa’s rental market was more affected than the Sunshine Coast from the COVID-19 pandemic.
While the Sunshine Coast’s vacancy rate was 1.4 per cent at the end of March, Noosa’s increased from 1.3 per cent to 3.6 per cent.