2022-11-14 GC Agenda - Item 4 - Attachment 1 - Short Term Accommodation Monitoring Report 2022

Of particular note was the correlation between COVID 19 lockdowns and spike of increased
available rental stock for permanent occupation, marked by a quick drop in availability
coinciding with rental stock returning to the short term accommodation market.


3.3.1.5 Dwellings Sales Data
Like the rest of Australia, Noosa experienced significant increases in residential property prices
from late 2020 through to 2022. Demand for residential properties were very high in Noosa
Shire, with many properties sold sight unseen to interstate and overseas purchasers during
the COVID 19 lockdown period. The migration from capital cities to regional areas, returning
expats, record low interest rates and negative gearing policy contributed to this demand. It
was estimated about 10% of Noosa’s housing stock sold in the 12 months ending June 2021.
Table 44-45 in Appendix 10 contains the relevant table extracts from HNA2021.
The HNA2021 stated:
       … the median sale price in Noosa LGA in the 12 months ending 31 June 2021 was
       $900,000, which make it noticeably higher than other coastal LGAs in South East
       Queensland.
       The variation amongst the SA2s of Noosa Shire is quite noticeable with Tewantin
       having the lowest median sale price of $700,500 while Noosa Heads and Sunshine
       Beach both having median sale prices of over $1,300,000.
       Taking Noosa Hinterland as an example, a twenty percent deposit on $780,000 is
       $156,000. Stamp duty, conveyancing, insurance, moving costs etc are on top of this
       and collectively make the exercise of home purchase extremely difficult for anybody
       not already in the property market, especially if they are outlaying rent as they save a
       deposit.
       Another significant feature of Table 27 is the total number of dwelling sales within a 12
       month period. For Noosa Shire the figure was 2,598 which is quite significant given the
       2016 census suggested Noosa Shire had just 20,143 occupied private dwellings.


Noosa was often cited in commentary on the national housing market as performing extremely
well over the last two years. Record sale prices were consistently achieved. Of particular note,
was the Noosa Shire’s new house and vacant land sales prices were more than double the
Queensland state average.
In relation to the impacts of property price increases the HNA2021 states:
       Generational inequity is often discussed in relation to housing cost. Housing costs have
       increased compared to annual incomes making it increasingly more difficult to save a
       deposit.
       There is also a gender disparity given the reported difference in full time average
       earnings between adult women and men. According to CoreLogic, based on the
       average weekly full time earnings for men and women in Australia, it would take women
       on this average income an additional 10 months to save for a 20% deposit on the
       median dwelling value as at January 2021, compared with the average full time
       earnings for men. Further, given that, at January 2021, women accounted for 67.2% of
       Australians in part time employment, and only 37.9% of those in full time employment.
       This disparity in total average earnings is even greater.
       Conversely, interest rates are lower than they have been in the past, more government
       grants and assistance packages are available and more dual income families exist than
       previous generations.



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Noosa Council Monitoring Report 2022/23