The millionaires’ playground of Noosa has regained its mojo. After years in the doldrums following the global financial crisis, the Queensland holiday strip popular with Sydney and Melbourne executives and investors has had a bounce in visitor numbers and property values.
New figures from CoreLogic RP Data show the value of Sunshine Coast homes has increased by 6.1 per cent over the past year to $516,207, and units are up 3 per cent to $371,379.
Total sales were down by almost 1 per cent in the past year but they were 23 per cent higher than the five-year average, according to the figures.
After years of “For Sale” signs littering multimillion-dollar holidays homes in Noosa and neighbouring Sunshine Beach, homes and units are selling faster than a year ago.
Interstate investors as well as locals are diving into the market to snap up property before the market gets too hot.
The lower Australian dollar is also luring more international visitors to Noosa and Queensland generally, while also tempting domestic tourists to choose local options rather than Fiji, Bali or Phuket. Local visitors have risen 15.7 per cent for the year to March.
Tourism Noosa said the boutique coastal village had also experienced a 19 per cent rise in international visitors in 2014-15.
Chief executive Damien Massingham said reinvestment in key properties along Hastings Street and a targeted advertising campaign overseas had boosted visitor numbers.
“Noosa’s inbound visitor numbers were the strongest result for Noosa since December 2010,” Mr Massingham said.
But it’s not just the Sunshine Coast receiving a boost; Cairns’ property prices and visitor numbers also increasing.
Median house prices in Cairns increased by 4.7 per cent to $372,345, while units have increased by 3.8 per cent to $226,600 over the year to June 2015, according to CoreLogic data.
“Sales volumes are at the highest levels they have been since 2008, with current activity up 4.3 per cent from May 2014 and 20.4 per cent above the five-year average,” said CoreLogic RP Data’s head of research Tim Lawless.
Tourism Research figures showed international visitors to Tropical North Queensland was up 9.8 per cent.
The Gold Coast property market is also firing with a 4 per cent jump in values for homes and units, whereas current sales volumes are the highest since 2008 before the global downturn hit.
But it’s not all good news along the Queensland coast. Townsville’s property market is still struggling with a 10 per cent fall in sales in the year to May, and current sales 6.1 per cent below the five-year average.
Property values are also down in the North Queensland city for both homes (down 2 per cent) and units (1.2 per cent).