Noosa property prices jump $6000 a week

PHOTO: Noosa Beach

The value of homes in Noosa has risen by thousands of dollars a week, according to property price figures for last month, as the demand for Queensland real estate continues to surge.

The latest month-on-month increase meant home owners in Noosa added an average of $24,000 of equity to their homes in October, while those on the Sunshine Coast added about $16,000.

And analysts have said there was no sign of the market slowing anytime soon.

Data released by real estate research firm CoreLogic showed how much the value of the already-hot property markets in parts of the state’s south-east have continued to increase.

The median value of homes on the Sunshine Coast, Noosa and Gympie went up by more than 2 per cent in October.

A family with children on a small boat on a river, with mountain in distance
The sudden lockdowns across parts of Queensland on the school holidays meant tourists from unaffected areas began swooping in to take advantage of the new vacancies in Noosa.(Supplied: Tourism Noosa)

For the Sunshine Coast, with its average house price of more than $830,000, that equates to an extra $16,000 a month, or about $4000 a week.

Woman in grey suit jacket looking at camera
CoreLogic Head of Research Eliza Owen

For Noosa, where the average home is $1.14 million, it was closer to $24,000 a month, or $6000 a week.

The escalating property prices in Sunshine Coast and Noosa have had a knock-on effect for northern neighbour Gympie, as buyers have been forced to look further afield.

CoreLogic Head of Research Eliza Owen said when Queensland eased border restrictions late last year, Melbourne residents fatigued by lockdowns rushed to move interstate.

“This period saw a surge in migration from Melbourne to Queensland, as movers played catch-up after lockdowns,” Ms Owens said.

Prices to surge as borders relax

Ms Owens said the appeal of a “lifestyle destination” such as the Sunshine Coast and Noosa played a part, as did the emerging ability to work from home.

With Sydney and Melbourne again emerging from lockdowns, she said the market would likely see a repeat.

“Now lockdowns have ended in Sydney and Melbourne, we could see a resurgence in this trend through to the end of 2021,” she said.