THE Sunshine Coast’s Noosa has been identified as a ‘hot spot’ for property investment according to the latest research by a leading independent property analyst.
In the latest report on the area by Michael Matusik the median sales price of homes in Noosa Heads has jumped an enormous 14.7 per cent per annum between 1990-2005.
According to the report, the apartment market was the most active of residential dwellings in Noosa Heads with an average of 200 sales a year over the past five years.
Mr Matusik said a high sales rate of apartments had exhausted supply in the area indicating that those new projects, such as Queensland developer Resort Corp’s latest project Noosa Sanctuary, would be launched into a high demand market.
“The apartment market has proven very strong over the past five years which has lead to a lack of supply,” Mr Matusik said.
“This means when new projects come on to the market they receive a ready market acceptance.”
Award winning developer Resort Corp has acquired a 15ha site on Noosa Drive on which it plans to build Noosa Sanctuary, a $210 million master-planned residential and resort development.
The ideally located project will be a secure, gated community formed around three freshwater lagoons and swimming pools adjacent to 9ha of nature reserve. It will contain 149 one, two and three-bedroom residences that will boast views of Noosa Sound, the nature reserve and the Sunshine Coast’s beautiful hinterland.
The popularity of the Noosa area was also indicated within the report with median sale prices of apartments in Noosa Heads during 2006 at $625,000 compared to sales prices of apartments across Noosa, $390,000, and the Sunshine Coast, $445,400.
Mr Matusik said the affordability of a high quality product was rare in the area.
“Noosa Sanctuary offers excellent value for money when compared to other new, top-end product currently for sale in the Noosa area,” he said.
Resort Corp Joint Managing Director Paul Brinsmead said he expected Noosa Sanctuary to be in high demand by owner occupiers.
“It has to be remembered that Noosa is set to reach its self-imposed population cap in about 2015 when no further owner-occupier developments will be approved after that point, “ he said.
“The main advantage of Noosa Sanctuary is the the fact that it does not have a three-month residency constraint means buyers can live in it, lease it, or lock and leave it.”
Resort Corp paid more than $33 million for the 15ha site adjacent to the Weyba Creek at 94 Noosa Drive, one of the last greenfield development sites close to Hastings Street and the tourism hub
The purchase brings its current active Queensland coastal resort collection to almost $1.4 billion in value, with two $500 million-plus projects in the Whitsundays and Townsville, and a $135 million Santai resort at Airlie Beach.
The Noosa property is just two minutes away from famed Hastings Street’s fashion and culinary precinct and only 2.2 kilometres from Noosa’s new “Eat Street” on Gympie Terrace.
The site comes with an existing development approval. It is now in the early stages of planning for a five-star, $210 million integrated residential resort community to be built over three stages.
Resort Corp is creating a $1.5 billion plus suite of stunning projects on Australia’s eastern seaboard stretching from northern New South Wales to the Gold Coast; to Noosa and the Whitsundays and Townsville.
Since 2001, it has completed five resort and residential apartment projects on the New Tweed Coast; five apartment projects in metropolitan Brisbane; and a landmark apartment project on the Currumbin beachfront on the Gold Coast.
It will soon embark on the $500 million Saltwater resort, residential and retail precinct on the Townsville waterfront; the $500 million eco-resort and residential community at Funnel Bay on the Whitsunday Coast; and the $135 million Santai Airlie resort in the Airlie Beach township, also in the Whitsundays.
Hot on the heels of Resort Corp’s Santai Casuarina Beach, the New Tweed Coast winning the Urban Development Institute’s Award (Qld) for best large medium density development,Resort Corp recently announced a $1 billion roll-out of Balinese-inspired, ‘Santai’-branded resorts over the next 10 years throughout Australia’s eastern and western seaboards and in the Pacific Islands; and, its first greenfield commercial development site on the Gold Coast - a 2.89ha Burleigh Heads development site.
For all sales and general enquiries for Noosa Sanctuary please phone 1800 Sanctuary or visit www.noosasanctuary.com.au