July’s property market in the Noosa Hinterland once again demonstrated the unique resilience and appeal of our region. While national trends show a moderation in housing growth, Hinternoosa’s performance this month indicates a robust local market, outpacing broader trends, particularly in high-end rentals and sales achievements.
Nationally, CoreLogic reports that home values increased by 0.5% in July, maintaining a growth trend with an 18th consecutive monthly rise. However, the market shows signs of cooling, with major cities like Melbourne, Hobart and Darwin experiencing declines in property values. The wider Australian market saw a 1.7% increase in the past three months, a slowdown compared to previous years, reflecting a more diverse and segmented market landscape. Contributing factors include varying levels of housing supply across different regions, with cities like Brisbane, Adelaide and Perth showing tight supply levels, aiding in their market resilience.
The slower pace is particularly evident in the capitals where some are experiencing a sharp contraction, like Melbourne with a -0.9% fall in home values. Conversely, mid-sized capitals like Perth and Adelaide are seeing accelerated growth rates, showcasing the diversity of Australia’s real estate landscape.
In the Noosa Hinterland, Hinternoosa continues to lead the market, outperforming local trends with notable successes including:
- A surge in applications for high-end rental properties ranging from $1000 to $3000/week, driven predominantly by corporate accommodations.
- Sales activity has seen an uptick, the same trend seen this time last year. This includes record-breaking sales and short days on market, such as the sale of 12 Dunbar Ct, Cooroy, which went under contract $10,000 above the asking price in just 13 days due to a strategic marketing and sales campaign.
Investor interest remains high nationally, with a significant surge in investment lending, particularly in Western Australia and Queensland, where value increases and higher yields are attracting investment.
Meanwhile, residential construction costs are rising at the slowest annual pace in over two decades, suggesting a stabilising factor for project costs and potentially easing some affordability issues in the construction sector.
Looking ahead, while the national market faces pressures from affordability and varying supply levels, the unique attributes of the Noosa Hinterland continue to attract significant interest. Strategic positioning by Hinternoosa ensures both investors and homeowners can leverage these dynamics for optimum outcomes, underscoring the importance of local market expertise in navigating broader economic conditions.
