October saw strong demand and stable pricing in the Noosa Hinterland property market. According to realestate.com.au, the median house price in Cooroy is $917,500, experiencing a slight dip of 1.4% over the last year. The time properties are spending on the market in Cooroy is around 64 days, and the rental yield is holding steady at 4.1%. With 315 properties currently available, demand continues to outweigh supply.
Buyers are certainly taking action so the importance of good advice will be paramount in the lead up to the end of the year, typically selling season for the hinterland. For example, after sitting idle on the market previously, Hinternoosa was appointed to reinvigorate the sale of 256-266 Verrierdale Rd, Verrierdale. Our strategic campaign attracted multiple offers and sold the property in two weeks for a record $3,000,000. A pre-market sale in Lake Macdonald and a number of multiple offer sales have also stood out as highlights this last month.
At a national level, NAB has revised its price forecasts due to stronger-than-expected conditions in the last quarter. Capital city prices are now expected to increase by 8% this year, up from the previous 4.7% forecast. NAB’s chief economist, Alan Oster, points out that these gains are underpinned by a “significant supply-demand imbalance.” For 2024, a 5% increase in prices is anticipated. One of the big four accounting organisations, KPMG, echoes these bullish forecasts, predicting a 15% rise in house prices nationwide by mid-2025.
Experts like KPMG’s Dr Brendan Rynne cite several factors pushing house prices upward, including heavier migration, anticipated rate cuts, and potentially relaxed lending conditions. Interestingly, Dr Rynne also estimates that half of all fixed-rate credit will expire this year, affecting around 880,000 Australian households. Yet, despite the challenges some homeowners may face, the prevailing factors still point to a rising market.
Our very own Rebecca Ali-Mumtaz recently won Agency Support Person of the Year at the 2023 REIQ Awards For Excellence. The accolade is particularly meaningful as Rebecca was the only award winner from a Sunshine Coast or Noosa agency, in a year that saw over 350 high-quality submissions. Her contributions to our rebrand, super team merge, and lifestyle magazine on top of her usual sales support responsibilities this year have made us all extremely proud, so we congratulate Rebecca on this well-deserved recognition. As finalists for Medium Agency of the Year, Community Contribution and Residential Agent of the Year (Alisa Wythes), the entire Hinternoosa team are honoured to have been acknowledged for setting the benchmark for the industry in our local area and the state.