The recent sale of a Noosa unit for a jaw-dropping $12.5 million means the entire complex is now in the hands of Victorian-based owners.
The unit, sold by Tom Offermann Real Estate principal Tom Offermann, was the ninth out of nine bought by residents from the southern state.
“The body corporate were all from Victoria and all of the owners in the building are, now that this one’s from Victoria,” Mr Offermann said.
“The fellow who sold it, I sold it to him 30 years ago and he was the only Queenslander left.”
Victorians’ love affair with Sunshine Coast and Noosa real estate, which increased during Covid, has not waned.
Property analyst Simon Pressley, research and managing director of Propertyology, explained Victorian buyers were likely to continue to look towards the Sunshine Coast and Noosa.
Mr Pressley could see some Victorians selling investment and holidays homes on the Coast, but could also see why other Victorians would continue to buy.
“We’ve always had holiday homes on the Sunshine Coast and we’ve always had Victorians,” he said.
“Up until Covid, when the Queensland economy wasn’t strong, Noosa was doing well because the Victorian economy was good for Noosa.
“The Victorian economy is now a mess and will probably remain that way for a while, so how does that affect the Sunshine Coast?
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“There are some properties on the Sunshine Coast owned by people in Victoria, and if their circumstances have been affected and their capacity to cover the (property) expenses have been hurt by the Victorian economy, they might have to sell their holiday home.
“The Sunshine Coast has always been very popular with Victorians. Melbourne had some lockdowns, the strictest in the world, and that’s contributed to the economic mess because some of them have closed businesses and moved to Queensland.”
Mr Pressley said those Victorians that could invest in property were likely to invest on the Sunshine Coast and those that could not were more likely to sell up and move to the region.
“I would suggest that people in Victoria, if they are investing, are more likely to invest on the Sunshine Coast than anywhere in Australia, and if they aren’t investing, they are more likely to say, ‘I’m leaving’.”
Mr Pressley said Sunshine Coast property prices had been increasing by 15 per cent to 20 per cent annually and he could see no change given the number of people moving to the region.
There was not yet any evidence that land tax, either in Queensland or Victoria, had had any effect on the number of properties being bought and sold.
Mr Offerman said land tax of $70,000 to $100,000 would be payable on some properties in Noosa Sound but it was also relative, saying the properties could fetch $40,000 a week in rent.
“It’s only a problem if you can’t afford it,” he said.
