On the Sunshine Coast, prestige property is generally the $1 million plus level and for housing is usually located in beach or waterfront areas and elevated positions that provide expansive views. For units it is mainly confined to the beach or waterfront areas.
This market sector has slowly been improving over the past 12 months after an extended period of negative growth with increased activity on the back of the improving local economy. The combination of improved confidence and business activity combined with a low interest rate environment has helped this market, not to mention the capital infrastructure injection of the Sunshine Coast University Hospital.
The main improvement that we have seen has been for entry level prestige up to around the $1.5 million level where the perceived value for money has been a strong influence. As you move higher through the value bands the market softens with the number of buyers reducing. The unit market has been slower to recover with the larger permanent living style complexes being most active.
There is a feeling that the entry level properties are at or getting close to returning to their peak market values. Once again, as you move through the higher value bands, the recovery has not been quite as successful yet with values still being off peak but moving in the right direction.
An indication of the positive change in this market sector is that in the past 12 months there have been more sales of properties over the $4 million level than in the preceding four years.
Some examples of higher end sales are: 17 Witta Circle, Noosa Heads – Purchased in 2014 for $6.5 million with a previous purchase in 2007 for $7.5 million.
Sandpiper Noosa Heads Penthouse – Purchased in 2014 for $7.15 million after being on the market for over three years.
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