2021-12-13 GC Agenda - Item 8 -Attachment 1 - Housing Needs Assessment

10. Housing Cost and Availability
10.1         Residential Property Sale Prices
Australia has seen significant upward change in the cost of residential property over the last two
years. The weighted average of the eight capital cities Residential Property Price index for the June
quarter 2021 was up 16.7% over the June quarter 2020. It rose 6.7% between the 2021 March
quarter and June quarter alone.34 Every state in the country, including cities and regional areas are
experiencing increased property prices, attributed to a number of factors including interest rates and
tax policy. Coastal destinations attracting tourists, incoming retirees and mobile digital workforce are
experiencing more extreme price rise.
Queensland Department of Resources, through the Queensland Valuation and Sales (QVAS)
database publishes residential dwelling sales data35. This data, shown in Table 27 suggests the
median sale price in Noosa LGA in the 12 months ending 31 June 2021 was $900,000, which makes
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.




34 ABS September 2021“Residential Property Price Indexes: Eight Capital Cities”
35 Residential dwelling sales include both new and established dwellings and all reporting periods are based

on the contract date and not the settlement date. Attached dwellings include multi-unit dwellings (flats), building
units or group titles. Detached dwellings include single unit dwellings or large house sites.


Noosa Housing Needs Assessment 2021                                                                       Page 79