PM Submission - Thomas Kearney - MCU18/0015

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http ilwww theaustrali an. corn au/business/property/the-holidaysover...for...noosa..property...

1226050072796


SAVAGELY discounted prices fetched by receivers for apartments previously owned by
former Sunshine Coast tourism boss Phillip Harding has sent shock waves through Noosa
with some estimating the state of the market is now as bad as the Gold Coast.


Over the past few weeks receivers have sold 27 of Mr Harding's units in the Noosa Blue
complex for about $4.5 million, implying a price of about $166,000 each


Fifteen years ago, the same properties sold for about $320,000, sources said.


Analysts estimate Noosa's property values have fallen by 40 per cent since the peak of the
market.


In the latest deal, Mr Harding was part of a syndicate that emerged as the underbidder for the
parcel of the 65-dwelling Noosa Blue Resort apartments.