The Australian property market is demonstrating continued resilience, as national home prices experienced a seventh consecutive monthly rise, ticking up by 0.16% in July. This is according to the latest report from PropTrack’s Home Price Index. A perfect storm of strong buyer demand, a burgeoning population, and a relatively tight supply of new properties has underpinned the growth throughout 2023, in spite of the dampening influence of high interest rates.
Eleanor Creagh, a senior economist at PropTrack, commented on the recent market dynamics: “Although total stock on market has increased slightly, the flow of new listings has remained soft in recent months, leading to increased buyer competition and solid selling conditions.” The decision by the Reserve Bank to hold the cash rate steady in July has also helped to bolster confidence among market participants.
CoreLogic figures show our beautiful Noosa Hinterland has stood out among other markets. Since late 2019, we have enjoyed impressive capital gains, marking a 69.3% surge during this growth phase – the highest across the Sunshine Coast region. Noosa closely followed with a 60.0% increase. These regions also experienced the steepest declines from their peak around Dec 2021, with Noosa Hinterland and Noosa sliding by 18.2% and 16.3% respectively, still resulting in healthy positive net growth over this time. The downward correction stabilised in February this year and our region is still highly sought after, offering incredible value when compared to Sydney and Melbourne prices.
Hinternoosa is extremely proud of the exceptional results our team continues to deliver for our clients. In July alone, we welcomed 344 groups through our open homes and celebrated 11 sales within a 9-day period for our clients. A notable achievement included the sale of 154 Doonan Bridge Rd, Verrierdale with 18 multiple offers. We are also leading the hinterland rental market, leasing a remarkable 91 properties over the past 12 months.
Our expertise and proactive strategies are delivering top returns for our lessors and leaving no stone unturned for those seeking to buy, sell or invest in the local property market. We remain deeply committed to providing a unique, personable experience with exceptional results. To benefit from our local insight, get in touch with our team at our Cooroy office on 5447 7000 or our Doonan office at 5449 1186, or visit www.hinternoosa.com.au for more information.