The Changing Face of the Noosa Property Market with Kirstie Klein-Hunter
Jennifer Swaine speaks to buyers agent Kirstie Klein-Hunter to uncover the latest trends and challenges shaping the Noosa property market.
Noosa is considered one of the jewels in the crown of the Australian property market – and rightly so. It’s an idyllic place to live, work and holiday given its climate, beauty and abundance of beautiful shops, restaurants, bars and properties. However, Noosa is different to many areas because of size and the fact that there is finite stock and as such, market influences are felt faster and more sharply than larger markets. Noosa buyer’s agent Kirstie Klein-Hunter knows this area well, and shares her thoughts on the trends and challenges shaping this exclusive market as we head into spring.
Record Sales
Property records continue to be broken in the area with Kirstie securing a stunning apartment for an interstate client in Little Cove for $10 million. This exclusive and tightly held enclave of Noosa is highly sought after and is a prime example of how a good buyer’s agent can make all the difference in your search for the perfect property.
“I was aware the property would be coming onto the market and kept my client informed every step of the way so they could move quickly,” Kirstie said.
“As it turned out, the property came onto the market on the Friday afternoon, I looked at it on Saturday, the client inspected it on Monday and submitted their offer a few days later.
“It all came together really well, and the client is delighted with their purchase.”
Challenges in Pricing and Market Response
At the top end of the market, properties priced over $5 million continue to perform well with demand exceeding the stock available.
However, not all properties are moving as swiftly as the example described above with Kirstie noting that she is seeing some properties on the market for months.
“While demand in Noosa remains high, sellers need to be realistic with their pricing,” Kirstie said. “There are properties that have been on the market for months and in my opinion, they shouldn’t be. Early offers that are being rejected are generally what the property ends up selling for.
“Sellers need to understand that not all offers are deliberately ‘low ball’ offers. Buyers are savvy and know the market and what a property is worth whereas sellers are often caught up in the emotion that is attached to a property – and this can be at their own peril.
“At the moment buyers are acting more cautiously and are taking more time to transact, but there are still buyers out there – vendors just need to be prepared to negotiate in order to meet the market.”
Impact of Regulatory Changes
Perhaps the most significant development that will impact properties in the Noosa region is the Proposed Amendment No.2 to Noosa Plan 2020 which will potentially prevent investors, whose properties are not located in the Tourist Accommodation Zone from leasing their property as short term accommodation. In essence, properties outside of the zone will have the following limitations applied in regard to short term accommodation: “the use of dwellings for short term accommodation is limited to four times and 60 days per calendar year and is within the resident’s principal place of residence. If these changes go through, an owner wishing to rent their property out for short term accommodation will need to be located in this zone or have a property with an existing permit in place, which Kirstie says is a major concern.
“Many of my buyers prefer to buy in areas where they can maximise their investment through holiday lettings,” she said. “The Tourist Accommodation Zone is a relatively small area and if these changes are adopted, owners outside of the zone may not be able to holiday let their properties.
“The impact will see a reduction in the availability of holiday lettings which in turn will increase demand and rent prices will follow suit.
“Many buyers are not aware of these proposed changes, but it is imperative that they fully understand the impact they will have on the property they are purchasing if their intentions are to lease it on a short-term basis.”
The Noosa Plan amendments, initially introduced in 2022, are part of a broader movement across coastal regions to find a balance between the housing needs of residents and holiday makers with Byron Bay set to introduce similar changes. The full impact of these changes is yet to be seen, but it is clear that the Noosa market will continue to be shaped by both market forces and regulatory influences. Buyers and investors will need to stay informed and work with knowledgeable professionals who can help navigate these complexities.
