The prestige market on the Sunshine Coast has been one of the slower performing market sectors, particularly over the past 6 months. Sale volumes over $4 million in the Noosa region through 2023 were down 15% on the previous years. However, much of this decline can be attributed to lower levels of supply and vendors holding firm on pricing.
Sale volumes remained consistent over both halves of 2023, suggesting a relatively stable market. However, the segment exceeding $10 million witnessed the biggest slowdown, with only 7 transactions recoded in 2023, compared to 18 in 2022 and 12 in 2021. In 2024, only 13 sales exceeding $4 million have been recorded so far, falling below the monthly average of 2023 and well below 2021 and 2022. Initial evidence suggests that most sales are in the $4 to $5 million category, within only 3 sales above $5 million.
Noosa sales over $4 million by volume
Agents are reporting buyer resistance to some pricing, leading to longer marketing periods and increased caution among prospective buyers.
The decline in volumes along the Mooloolah River and associated canals, as well as the eastern beaches adjacent this area, has been more dramatic. In 2022, 46 sales were recorded in excess of $3 million, followed by 34 in 2023. In 2024, only 5 sales have been recorded so far, indicating a significant drop in monthly turnover, particularly for the current year. Once again, agents are reporting an unwillingness of vendors to meet buyer expectations.