2021-12-13 General Committee Meeting Agenda

GENERAL COMMITTEE MEETING AGENDA                                                           13 DECEMBER 2021


3.      Property market
The median sale price for residential sales in Noosa Shire have been notably higher than other
coastal LGAs in South East Queensland. For the 12 months ending 30 June 2021, the median
residential sale price in Noosa Shire was $900,000, and prices appear to have tracked higher since
June.
For attached dwellings the median price ranged from $443,500 in Tewantin SA2 to $1,110,000 in
Noosa Heads SA2, with a median price of $800,000 for the Shire.
For detached dwellings, the overall median price for the Shire was $950,000, and ranged from
$740,000 in Tewantin to $1,575,000 in the Sunshine Beach SA2. Four of the six SA2s had median
house prices over $1,200,000.
There were 2,598 residential sales in Noosa Shire in the 12 months to 30 June 2021. This represents
a high proportion of the total dwellings in the Shire. A 20% deposit on $900,000 is $180,000 and
stamp duty, conveyancing, moving costs, etc. make the purchasing exercise particularly difficult for
anybody not already in the property market.
Anecdotally a significant proportion of properties are being purchased for owner occupation, or by
people who want to spend at least some of the year in the property. Where purchasers do intend to
rent out their property, getting the highest return on the asset they just paid a high price for is a
natural desire, so there is still a significant proportion of these properties that will be used for short
term letting. This still provides the owner flexibility to use the property when it suits.
4.      Rental Accommodation
In recent years many permanent rental properties have either been removed from the permanent
rental market to be used for short term letting or have been subject to significant rent increases,
sometimes following substantial capital improvements.
According to the Residential Tenancy Authority the following are the median rent figures for new
tenancies within the 12 months to 30 September 2021 in Noosa Shire:
•     1 bedroom flat/unit = $345
•     2 bedroom flat/unit = $500
•     3 bedroom house = $600
•     4 bedroom house = $740
There’s some concern that this data does not include Peregian Beach and Marcus Beach which
share a postcode with communities outside the Shire and are included in the SCRC median rent
data. For this reason, and because of the significant differences throughout the Shire, it is worth
looking at a breakdown by 2nd level ABS Statistical Area (SA2).
    SA2 / State          Lodgement                                     Median rent
                         1           2           3          4          1           2           3          4
                         bedroom     bedroom     bedroom    bedroom    bedroom     bedroom     bedroom    bedroom
                         flat/unit   flat/unit   house      house      flat/unit   flat/unit   house      house
                         number                                        $ per week
    Noosa Hinterland     41          26          99         105        320         438         530        660
    Tewantin             21          22          103        113        320         435         570        650
    Noosaville           71          79          52         65         380         485         658        890
    Noosa Heads          3           61          54         53         n.a.        550         850        980
    Sunshine Beach       10          69          54         66         420         520         735        900
    Peregian Beach –     13          40          37         23         330         483         700        750
    Marcus Beach
    Queensland           28,916      53,628      41,759     42,257      330        400        400          470
         Table 1 Lodgements and median rent by dwelling type, 12 months ending 30 September 2021
Source: Residential Tenancies Authority, Rental Bonds data as presented in Queensland Housing Profiles, by
Queensland Government Statistician’s Office, Queensland Treasury.




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