05. Town Planning Report · MCU10/2127

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Viridian Noosa Pty Lid
Research Paper
Advisory

November 2010

Key Findings from Noosa Strata-Titled Market

The strata-titled resort accommodation market within Noosa was analysed and then
crosschecked against the broader non-resort strata-titled market (i.e. holiday houses and larger
dwellings).

3.1 Established Strata-Titled Resort Market

A total of 14 strata-titled resorts, with 682 dwellings were analysed to determine their
comparability to Viridian Resort. Of these, 11 resorts, with a total of 459 dwellings, were
considered to be comparable. All resorts considered comparable for analysis purposes did not
have any restrictions on permanent residency. Refer to Appendix — Noosa Established Strata-
Titled Resort Market, for a full list of the resorts surveyed and a summary of the findings from
the consultation conducted with the resort managers.

The conclusions drawn from the consultation with the managers of the 11 resorts were as
follows:

e Total number of permanently occupied dwellings: 11 out of 459 total dwellings (i.e. 2.4%)

e Average number of permanently occupied dwellings: 1 (per resort) (ie. 2.4%, when
measured against the average number of dwellings in each resort consulted)

e Range of permanently occupied dwellings per resort: as the high 5 (12.2%), as the low 0
(0%).

e All managers reported that there had been no major change in the number of permanent
occupiers within their resorts over the period that they had been in operation (most of which
had managed the current resort for approx. 5 years)

Specifically, the most comparable strata-titled resort to Viridian Resort, was identified as being
Viridian Residences (ie. Stage 2 of the Viridian development). Viridian Residences was
considered highly comparable in terms of location (i.e. it is located on the site directly next to
Viridian Resort) and product (i.e. it has a similar level of finishes, was designed by the same
architect and developed by the same developer). The specific permanent occupancy at Viridian
Residences was 1 out of 23 (excluding the on-site manager), or 4.3% of the total dwellings
available.

The consultation also highlighted a percentage of dwellings classified as lockups? by the resort
managers. Two resorts with noteworthy levels of lockups were Viridian Residences (11 out of
23 dwellings) and The Sebel Resort Noosa (40 out of 112 dwellings were classified as lockups).

At Viridian Residences the usage of these dwellings ranged significantly, pending the individual
circumstances of the owner — for instance, the proximity of an owners permanent place of
residence to the resort and whether the owner was based in Australia or not affected both the

? For the purposes of this report, “Lockups” are defined as dwellings that the owner uses for his/her own personal
use, but does not do so on a permanent basis.

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