The ultra-prestige property sector at an iconic Queensland beach town continues to surge ahead, seemingly immune to broader market sentiment.
Multiple homes at Noosa Heads have sold for double-digit millions in recent months, as cashed-up buyers jostle for stylish homes in a scenic and renowned location.
Among them was No.14 Mossman Court at Noosa Sound, listed by Reed & Co, which sold as a family holiday home for $14.445 million on June 30.
The agency’s director, Adrian Reed, said high-end real estate was in a league of its own – largely untouched by general economic conditions.
“The top end of the market seems to demonstrate resilience and growth,” he said.
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“I think prestige – $8 million and over – really runs its own market performance. It feels like an asset class on its own.
“It’s not really linked to consumer confidence. If there’s uncertainty in the world or uncertainty in the economic environment, that asset class still just surges forward.”
Mr Reed said buyers at that level were typically “in strong, liquid financial positions” and often purchased properties upfront.
“There’s a large portion of high-net-worth current-generation self-made or multi-generational wealth that continues to drive and acquire things from a lifestyle perspective,” he said.
“They’re not really dependent on economic conditions.”
No.78 Noosa Parade sold for $16.95 million during the weekend, while No.45 Witta Circle went for $18 million in April – both via Tom Offermann Real Estate.
“There’s been a series of sales … that were all strong results,” Mr Reed said.
“They don’t seem to have been subjected to much of an impact from broader market conditions.”
He said lower range markets were more driven by economic fluctuations.
“I think that tier down – $4 million to $8 million – there’s definitely some sensitivity to market sentiment, with debt levels and confidence in commerce playing a role,” he said.
“I think there’s a slightly different band of buyer at that price range, and I think that $2 million to $4 million range probably picks up a bit more of the debt burden.
“Below that is the hot market because there’s no supply. Anything around $1 million to $2 million seems to perform really well.”
Mr Reed said No.14 Mossman Court was an impressive home in a premium position.
“The house is beautifully designed, has great amenity and lovely finishes,” he said.
“It’s a north-facing waterfront property in Noosa Sound, so that’s blue-chip.
“I think Mossman Court, as a street, is recognised now to have similar pedigree to Noosa Parade and Witta Circle.
“It’s a short walk to Hastings Street and one street back (from Noosa Parade), which gives it a bit more privacy.
“It’s got a slightly higher rate of owner-occupiers and I think that adds to the pedigree of the street as well.”
Noosa Sound is widely regarded as one of the most exclusive areas – if not the most exclusive – in the Sunshine Coast-Noosa region.
But Mr Reed said some streets there were more prized than others.
“Not all things are equal on Noosa Sound,” he said.
“Certainly, Noosa Parade, Witta Circle and Mossman Court stand out.
“That particular home on Mossman Court will serve the new owner really well, as a private holiday home.”
The property was sold by a family who built the home about five years ago.
“They thoroughly enjoyed the environment and lifestyle, and they’re now moving on to slightly different things,” Mr Reed said.
Auction results
53 Meridien Drive, Maroochydore
- Sold under the hammer for $1.95m
- 4 Bed, 2 Bath, 2 Car, Pool
- Ray White, Leon Russell
111 Colemans Farm Road, Yandina
- Passed in at $2.75m, contact agent
- 6 Bed, 4 Bath, 8 Car
- Ray White, Toby Morrin and Kayla Govan
38 Sippy Downs Drive, Sippy Downs
- Passed in at $950,000, contact agent
- 5 Bed, 2 Bath, 2 Car
- Ray White, Greg Ward and Jacob Stinson
58 Karawatha Street, Mountain Creek
- Sold prior for $1.15m
- 4 Bed, 2 Bath, 2 Car
- Ray White, Kathryn Willshire
17/21 The Esplanade, Maroochydore
- Sold under the hammer for $1.925m
- 3 Bed, 2 Bath, 2 Car
- Ray White, Niall Molloy
2 Ketch Street, Wurtulla
- Sold under the hammer for $1.34m
- 3 Bed, 2 Bath, 2 Car
- Ray White, Ryan Cramer
2/72 Anzac Avenue, Maroochydore
- Sold under the hammer for $695,000
- 2 Bed, 1 Bath, 1 Car
- Ray White, Hayden Kehoe
4 Wamara Street, Buddina
- Sold under the hammer for $1.8m
- 4 Bed, 2 Bath, 2 Car
- Ray White, Ryan Bradeley
41/151-153 Mudjimba Beach Road, Mudjimba
- Sold under the hammer for $880,000
- 3 Bed, 2 Bath, 2 Car
- Ray White, Lean Russell
14 Hereford Street, Sippy Downs
- Passed in, contact agent
- 4 Bed, 2 Bath, 2 Car
- Ray White, Jacob Stinson
7 Bluebird Parade, Bokarina
- Sold under the hammer for $1.4m
- 3 Bed, 2 Bath, 2 Car
- Ray White, Ryan Bradeley
1 Scribbly Gum Drive, Meridan Plains
- Sold at $915,000
- 4 Bed, 2 Bath, 2 Car
- Define Property Agents, Ross Cattle and Katie Davies
1/56-58 Meta Street, Mooloolaba
- Sold for $956,000
- 3 Bed, 2 Bath, 1 Car
- Define Property Agents, Ross Cattle and Katie Davies
The aerial imagery in this story is from Australian location intelligence company Nearmap. The company provides government organisations, architectural, construction and engineering firms, and other companies, with easy, instant access to high-resolution aerial imagery, city-scale 3D content, artificial intelligence data sets, and geospatial tools to assist with urban planning, monitoring and development projects in Australia, New Zealand and North America.
