It’s widely known within Queensland real estate circles that if the word Noosa appears before Heads, Junction or ville’, that the suburb will undoubtedly experience growth in the double digits – over a 10-year period if not a five-year period.
Well, of course Noosaville didn’t disappoint. Based on Property Investment data from November 2023, the market saw a steady increase in median property prices over a five-year period which translates to a 37.61% capital gain.
This means a stronger performance, compared to other Australian suburbs, based on the appreciation of property values.
The median price of a home in Noosaville is currently $1,610,000 and the median price of a two-bedroom unit in Noosaville is $875,000.
Units experienced a capital gain of 80.43% growth within a five-year period. The average rent for a unit is $650 per week and for homes, it’s $910 per week.
Home owners selling their properties usually have to wait an average of 73 days before their properties sell. However, there are still some little gems in Noosaville that are almost too good to be true and make potential buyers jump for their phone because of the investment opportunity they represent.
It’s still possible to find entry-level properties on Noosa Parade, in the very heart of Noosaville, for under $350,000. A fully furnished studio apartment sold in November 2023 for $340,000 just minutes from Gympie Terrace and Noosa’s Main Beach. Soon after, a one-bedroom, one-bathroom refurbished apartment in the popular Hilton Terrace complex opposite Noosa River, went under contract. Under $400,000, the apartment offers lifestyle facilities including tennis court, swimming pool, games room and on-site café.
Noosaville placed 503rd in a list of suburbs in Australia based on median property value growth during the last quarter. So, what does the future hold?
As always, location dictates price, and units and houses on Noosaville’s restaurant and café strip of Gympie Terrace, can command a price tag of $2 million plus – even for older properties.
By the end of 2024, property group Domain forecast that house and unit prices will be at a record high.
The group cited supply shortfall, continued population growth and interest rates as being some of the factors that will influence this upward trend. After 13 interest rates hikes and a 12-year high of 4.35 per cent in an attempt to curb inflation, Domain believes that a cut in interest rates – or, alternatively, an easing of the mortgage serviceability buffer – is likely to occur, raising Australians’ borrowing capacity and increasing demand.
If this increase in demand takes place, like anything and everything Noosa related, there will most likely be another price increase across the country’s housing markets.