Influx of cashed-up new residents driving property market
A SURGE in interstate and international buyers is feeding strong growth in Noosa's property values.
Tom Offerman Real Estate principal Tom Offerman said Noosa was still a seller's market.
"Interstate migration has moved into positive territory again for the first time since 2006, so we are finding a lot of interest from interstate buyers," he said.
"They are coming up here and seeing excellent value, and buying property."
Mr Offerman said buyers from Melbourne and Sydney were buying in to the comparatively affordable Noosa market.
He said while prices in Melbourne had risen 90% since the Global Financial Crisis and Sydney prices had boomed by 110%, Noosa had only just returned to the prices of 2006-2007.
"There's a big disparity in values between the Noosa area and the southern capitals, which is where a lot of our investors and new residents come from," Mr Offerman said.
"I think we have a lot of catch-up to do, and I think buyers coming in will see excellent value here, and they'll be rewarded in coming years with potentially strong capital growth."
While outsider buyers were interested in Noosa homes at any price, Mr Offerman said those buying investment properties were more particular.
"We have a lot of investors in that $500,000-$1 million space," he said.
"People are buying for their super funds, or buying for investment or buying for lifestyle purposes.
"Most of our sales here have a strong lifestyle component to them, whether they're moving here to enjoy the climate and the environment that Noosa offers, or whether it's to secure long-term holiday positions."
This demand and limited housing supply is set to drive prices higher still.
"Noosa is virtually fully developed, there's no opportunity for any large subdivisions or unit developments, so what's currently built is what there will be well into the future, so the competition will increase for those positions."
Mr Offerman said Noosa offered a "world-class resort town", but there were still unique properties to be found in the area.
This month the expansive home on 5 Gumboil Rd at Lake MacDonald will go to auction.
The property covers an 8ha block that juts out into the lake, and is one of only 19 properties surrounding Lake MacDonald.