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Why there are significantly fewer luxury homes on the open market at Noosa

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A leading real estate agent has detailed just how exclusive the prestige property market is at Noosa.

Tom Offermann Real Estate Noosa Heads principal Tom Offermann said far fewer homes were selling on the open market.

And when they do sell, they go for a hefty price.

One extravagant residence at Noosa Heads was recently sold for about $30 million.

No.43 Witta Circle – a four-bedroom, four-bathroom, six car space mansion on the canal front – was the second biggest sale in Noosa behind a beachfront home sold at Sunshine Beach for $34 million in 2022.

Mr Offermann said very few high-end homes were offered to the public.

“Gone are the days when it was a speculative market with owners flipping properties for a quick profit,” he said.

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“There were times when buyers had the choice of over 50 waterfront houses to choose from on Noosa Sound. However, today there are just two.

“Sunshine Beach often had five to 10 houses available on the beachfront, and today there is only one, which will hit the market in spring.

“Also, it’s been years since a three-bedroom apartment facing Noosa Main Beach has been sold.

“Low inventory of available property could be new norm.”

He detailed one of the reasons why.

“The basis of the supply shortage is the (homeowners’) fear of ‘where would I go if I sold’,” he said.

No. 43 Witta Circle. Picture: Tom Offermann Real Estate.

“People who have settled and invested here simply don’t want to leave.”

And when they do sell, they don’t go far.

“Lately, there has been a higher than usual number of owners shifting houses within town, upsizing or downsizing or just trying another suburb,” he said.

Mr Offermann also said many top properties were going to relatives.

“Properties in Noosa are being treated as generational assets being handed down to family rather than being sold into the open market,” he said.

The sale of No.43 Witta Circle was top drawer.

The near-new home, dubbed ‘Riverstone’, is close to glitzy Hastings Street.

Designed by Tim Ditchfield Architects and built by JD Constructions & Development, it has: 616sqm of water frontage; water vistas from almost every space; a jetty; white-washed timber ceilings; an expansive covered alfresco terrace with kitchen; a smart home auto system; and is fully furnished.

No. 43 Witta Circle. Picture: Tom Offermann Real Estate.

“Our team combed the client base inviting qualified buyers to view the house privately and found the ideal match and negotiated an unconditional price,” Mr Offermann said via his seasonal report.

The property, over 686sqm, was previously sold for $9 million in 2020.

Another nearby home, No.40 Noosa Parade, was sold for $20 million after the eventual buyers saw the home from their boat.

Auction results

38 Nothling Street, Moffat Beach

  • On the market for offers over $2.4m
  • 5 Bed, 3 Bath, 2 Car
  • Fletcher Riley, Rebecca Fletcher and Alan Riley

28-36 Seymour Close, Rosemount

  • On the market for $1.795m
  • 5 Bed, 3 Bath, 2 Car
  • Define Property Agents, Ross Cattle and Katie Davies

1/8 Bluebird Parade, Bokarina

  • Passed in at $1.95m
  • 4 Bed, 2 Bath, 2 Car
  • Ray White, Ryan Bradeley

23/14-16 River Esplanade, Mooloolaba

  • Passed in for $620,000,on the market for $639,000
  • 1 Bed, 1 Bath, 1 Car, Pool
  • Ray White, Lisa Henderson

44 Baroona Street, Wurtulla

  • No auction took place, on the market for offers over $3m
  • 4 Bed, 2.5 Bath, 2 Car, Pool
  • Ray White, Ryan Cramer

31 Meridien Drive, Maroochydore

  • Sold under the hammer for $1.86m
  • 4 Bed, 3 Bath, 2 Car, Pool
  • Ray White, Niall Molloy and Ari Whisson

64 Reflection Crescent, Birtinya

  • Passed in for $1.4m
  • 5 Bed, 2 Bath, 2 Car, Pool
  • Ray White, Brent Higgins

10 Tulip Street, Nirimba

  • Under contract
  • 4 Bed, 2 Bath, 2 Car
  • Ray White, Steven Allen

16 Isambert Road, Glenview

  • Passed in for $1.1m, contact agent
  • 4 Bed, 3 Bath, 3 Car, Pool
  • Ray White, Matt O’Grady and Alisha Galea

2/1 George Street, Alexandra Headland

  • Passed in for $750,000, contact agent
  • 2 Bed, 1 Bath, 1 Car
  • Ray White, Pam Thomas and Megan Murray

16/42-46 Fourth Avenue, Maroochydore

  • Sold under the hammer for $790,000
  • 2 Bed, 2 Bath, 1 Car
  • Ray White, Niall Molloy and Ari Whisson

59 Lord Howe Circuit, Banya

  • Passed in for $845,000, now on the market for $899,000
  • 4 Bed, 2 Bath, 2 Car
  • Ray White, Liam Sarich and Reuben Park

6/68 Sixth Avenue, Maroochydore

  • Passed in for $675,000, now on the market for offers over $695,000
  • 2 Bed, 1 Bath, 1 Car
  • Ray White, Pam Thomas and Megan Murray

706/1-7 Duporth Avenue, Maroochydore

  • Sold under the hammer for $1.16m
  • 2 Bed, 2 Bath, 1 Car
  • Ray White, Reuben Park

6 Forsayth Lane, Maroochydore

  • Passed in for $840,000
  • 3 Bed, 2 Bath, 2 Car
  • Ray White, Patrice McFarland

98 Bundilla Boulevard, Mountain Creek

  • Sold under the hammer for $820,000
  • 3 Bed, 1 Bath, 3 Car
  • Ray White, Reuben Park and Nicholas Low

1005/9 Market Lane, Maroochydore

  • Sold prior to auction for $851,000
  • 2 Bed, 2 Bath, 1 Car
  • Ray White, Reuben Park

58 Oakmont Drive, Buderim

  • Sold post auction for $1.135m
  • 4 Bed, 2 Bath, 4 Car, Pool
  • Ray White, Gregory Ward and Zoe Byrne.

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