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2022-11-14 GC Agenda - Item 4 - Attachment 2 - Appendix 13 to Attachment 1
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NOOSA SHORT STAY ACCOMMODATION ECONOMIC & SOCIAL ASSESSMENT
• Detached dwelling prices (i.e., separate houses) increasing by 65.6% from $755,000 to $1.25 million in Noosa
between YE March 2020 and YE March 2022, compared to a 34.0% increase in SEQ.
Comparison of sales volume and price data by Statistical Area 2 (SA2) presented in Appendix A shows the rapid
lift in median sales value between YE March 2020 and YE March 2022 has occurred across Noosa but is most
pronounced for detached dwellings in Peregian Beach – Marcus Beach (more than doubled) and Sunshine Beach
(79.0% increase), as well as attached dwellings in Peregian Beach – Marcus Beach (73.9% increase).
Key Findings
Noosa has experienced a considerable lift in the demand for dwellings since March 2020. While this increase in
sales volumes followed a similar trend to SEQ, Noosa experienced a significantly higher lift in sales prices
relative to SEQ with sales prices in some areas of Noosa increasing by 70%-100% from March 2020 to March
2022 (e.g., Peregian Beach – Marcus Beach and Sunshine Beach). Across Noosa, detached dwellings
increased in value by 65.6% on average and attached dwellings increased in value by 41.4% on average.
The average sales price for a detached house in Noosa in YE March 2022 was 159% higher than in SEQ and
210% higher than in Queensland, while the average sales price for an attached dwelling was 186% higher than
in SEQ and 204% higher than in Queensland. There has been no noticeable negative impact of NP2020 on
demand or values. People are wanting to buy more dwellings in Noosa and at considerably higher prices. Strong
demand has, however, worsened housing affordability for Noosa residents and workers.
2.3.2 Residential Rental Dwelling Activity
While dwelling sales activity has generally trended upwards in recent years, Noosa’s rental market has seen a
consistent downward trajectory in the number of rental bonds lodged (Figure 2.11). In YE September 2012, Noosa
recorded more than 2,500 bonds lodged, but this decreased to around 1,750 in YE September 2022.
There is a clear link between the reducing number of dwellings available for permanent rental and the increasing
number of dwellings available for short stay accommodation. There was a temporary increase in rental bonds
lodged in the middle of 2020 as some property owners offering short stay accommodation in their residential
dwellings responded to the drop in visitation resulting from border closures and lockdowns to offer permanent
rentals. However, once borders opened up and visitation returned, this additional rental stock was taken off the
market. Encouragingly, there appears to have been a slight uptick in rental bonds lodged over the past year.
Figure 2.11. Rental Bonds (YE Volumes) by Property Type, September 2012 to September 2022, Noosa
3,000
2,500
2,000
Bonds Lodged
1,500
1,000
500
0
Sep Q 2012
Sep Q 2013
Sep Q 2014
Sep Q 2015
Sep Q 2016
Sep Q 2017
Sep Q 2018
Sep Q 2019
Sep Q 2020
Sep Q 2021
Sep Q 2022
Mar Q 2013
Mar Q 2014
Mar Q 2015
Mar Q 2016
Mar Q 2017
Mar Q 2018
Mar Q 2019
Mar Q 2020
Mar Q 2021
Mar Q 2022
1 Bedroom Flat/ Unit 2 Bedroom Flat/ Unit 3 Bedroom Flat/ Unit
2 Bedroom House 3 Bedroom House 4 Bedroom House
2 Bedroom Townhouse 3 Bedroom Townhouse
Source: QGSO (2022).
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