PM Submission - Thomas Kearney - MCU18/0015

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Demand remains weak in the Sunshine Coast holiday destination for beach properties that
typically sold for between $1m and $4m at the peak of the market.


One market source estimated that there was currently one buyer for every 50 properties
available in Noosa, saying property values had "fallen off a cliff".


"It was a special market and went up every year for 18 years or so, this is the first dramatic
downturn," the source said.


Noosa had withstood every other downturn since 1983, but the market was now worse than
the Gold Coast, he said.


Noosa Blue is among at least four resorts and residential developments that have been
handed to receivers since the global financial crisis struck.


Suncorp appointed receivers to the Viridian Noosa development in February, originally
estimated to be worth $300m. It is a joint venture between Macquarie Group and Leighton
Properties and some predict the 168 unsold units being handled by receivers would not fetch
much more than $120m if sold in one line.


Last year, AV Jennings purchased the Elysium Noosa development site for about $50m.