Noosa property prices jump $6,000 a week as market surges through October

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.

Key points:Property prices in Noosa, Sunshine Coast and nearby Gympie continue to go up with increased demandHomebuyers are paying more in nearby Gympie, as they become locked out of more popular areas.Analysts CoreLogic say property prices are likely to surge with more interstate arrivals likely before Christmas

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.

Gympie court.
Property prices are surging in the historic town of Gympie, about an hour north of Noosa, as other areas become too expensive.(ABC News: Giulio Saggin)

The historic town of Gympie — about an hour north of Noosa — typically has homes that are less than half the price than Noosa, at a shade more than $490,000.

Ms Owens said that was a temptation for investors and those struggling to enter the market.

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"Gympie could also be particularly appealing for local first-home buyers, who may increasingly find themselves priced out of bigger metropolitan areas."

In the past five years, the price of a home in Gympie has increased by 55 per cent. This included a rise of 32.7 per cent in the past 12 months.

The Sunshine Coast was part of the winning Brisbane 2032 Olympic bid, and has secured events and athlete accommodation for the Games.
A report last month found the average house price on the Sunshine and Gold coasts would overtake the Brisbane metropolitan area within three years.

The median house price for the Sunshine Coast is set to rise to $986,000 by mid-2024. The Gold Coast's median house price was forecast to reach $915,000 in the same period.

Average house prices in Toowoomba, Cairns, and Townsville were also predicted to increase.

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Posted 11 Nov 202111 Nov 2021Thu 11 Nov 2021 at 5:04amShareCopy linkFacebookTwitterArticle share optionsShare this onFacebookTwitterLinkedInSend this byEmailMessengerCopy linkWhatsApp

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