2022-11-14 GC Agenda - Item 4 - Attachment 2 - Appendix 13 to Attachment 1

NOOSA SHORT STAY ACCOMMODATION ECONOMIC & SOCIAL ASSESSMENT


Figure 2.13. All Dwellings Median Weekly Rental by Quarter (Year Ended Values), September 2012 to
September 2022, Noosa vs SEQ
                               $800

                               $700

                               $600
Median Rental Price ($/Week)




                               $500

                               $400

                               $300

                               $200

                               $100

                                  $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
                                                                                                        Noosa Total                                                                                              SEQ Total
Source: QGSO (2022).



          Key Findings
          Analysis of rental data reveals that Noosa has experienced a consistent annual decline in rental bonds lodged
          since 2012 in addition to significant increases in median weekly rents which have consistently grown at a faster
          pace than in SEQ, indicative of a demand/supply imbalance. This market imbalance has exacerbated since
          September 2020 as median weekly rents have escalated from around $500 per week to $680 per week to YE
          September 2022.

          Combined with dwelling sales market data, rental market data suggests Noosa is experiencing considerable
          issues of undersupply of affordable dwellings available for residential or worker use, with considerably higher
          dwelling prices and rents than in SEQ exacerbating issues associated with rising costs of living.


2.4                                      ADDITIONAL TOURISM ACCOMMODATION SUPPLY
In addition to residential dwellings offering short stay accommodation, tourism demands are met from commercial
accommodation providers such as hotels, motels, caravan parks, backpackers, etc. Additional commercial
accommodation stock is anticipated to meet visitor demands through the medium term, including an identified gap
in the five-star offering, with:

•                              A 106-room five-star resort being considered by Council at 61 Noosa Springs Drive, Noosa Heads.

•                              A 178-room and 12 suite hotel and 15 x three-bedroom villa application (Callile Hotel) lodged at 3-7 Serenity
                               Close, Noosa Heads as a change application to an expired approval.

•                              A 16 self-contained eco cabin application for short term accommodation at 142 Noosa Drive, Noosa Heads as
                               part of RACV Resort (at information request stage).

•                              Preliminary discussions on the redevelopment of 203-207 Gympie Terrace, Noosaville for a 49-room hotel,
                               conference room and commercial uses.

With the existing supply of short stay accommodation, the additional take-up of latent supply within these premises
to achieve increased occupancy, in addition to anticipated new supply from commercial accommodation providers,
visitor demands within Noosa’s carrying capacity should be appropriately met into the future without the need for
additional residential housing stock to be diverted.




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