http://resources0.news.com.au/images/2011/03/11/1226020/073692-noosa-039-s-mansi...


AS FAR as top-end real estate goes, these are rich pickings - Noosa's property market is brimming with luxury bargains due to an oversupply of stock and undersupply of buyers.

As pressure mounts on sellers some under siege from banks prices of homes in the iconic playground for the rich and famous have dropped.

Prominent agent Tom Offermann said that for "those with confidence" this was a defining moment. "You can buy well and reap the rewards," he said. "Stock is up 20 per cent on normal levels, buyers are down about 30 per cent and there's good value."

Mr Offermann said the reason behind the downward shift was that Noosa had a high concentration of "discretionary properties" holiday and investment homes that people looked to dispose of in uncertain times.

However, he said the area coped better than other hotspots and would bounce back faster.

Mr Offermann's agency recently sold a duplex apartment at 2/11 Mitti St, Little Cove, for $2.015 million for sellers who had acquired it in 2006 for $2.43 million a reduction of 17 per cent.

A stunning waterfront unit in Las Rias on Noosa Sound is listed at $1.95 million 22 per cent below the 2008 value of $2.5 million.

Laguna Real Estate has arguably the biggest bargain, described as "the pinnacle of luxury" in the prized Little Cove precinct.

Agent John Swainson said the price of Lot 3 Bayview Woods an architecturally designed four-bedroom, three-bathroom prestige home a short stroll through rainforest to the water and Hastings St had been slashed 34 per cent from $2.95 million to $1.95 million.

The owner, a long-time local developer and real estate agent, who did not wish to be named, told The Courier-Mail he was selling due to "financial pressures" linked to the global financial crisis and had decided to move to Cairns to start a new business.

"The timing obviously is not good, but I will sell this property," he said.

"I have worked in this area for 30 years and am aware of the market changes. I think that, generally speaking, Little Cove prices have shrunk 15 to 20 per cent, but it's an incredible spot that will bounce back strongly."

At Sunshine Beach, Heather Marshall, of Dowling and Neylan, has another property a developer is looking to sell in a hurry.

Previously listed as high as $1.4 million, 14b Weyba St was $920,000 last week and today has seen a further reduction to $895,000 (down 36 per cent) and this includes a furniture package worth tens of thousands of dollars.

Competition for a sale also is heating up across town along the prized canal-front street of The Promontory at Noosa Waters.

This millionaires' row, where mansions previously have sold for more than $4 million, has seen a number of "For Sale" signs hammered in with some prices recently reduced by up to $300,000.

The good news, Mr Offermann says, is that there are signs of recovery, led by increased interest from interstate and Brisbane buyers.

With the tide turning, the man who has ridden the renowned surf town's high and lows for 26 years says those who buy now will have plenty to celebrate in coming years.

"These prices won't last. Once the recovery becomes more evident, sellers will firm up their prices," he said.

Knockdown prices

Lot 3 Bayview Woods, Little Cove

WAS: $2.95m

NOW: $1.95m

REDUCTION: 34 per cent

Unit 2, Las Rias, Noosa Sound

WAS: $2.5m (2008)

NOW: $1.95m

REDUCTION: 22 per cent

2/11 Mitti Street, Little Cove

WAS: $2.430m (2006)

NOW: Sold for $2.015m

REDUCTION: 17 per cent

14b Weyba St, Sunshine Beach

WAS: $1.4m

NOW: $895k (fully furnished)

REDUCTION: 36 per cent

http://www.couriermail.com.au/property/rich-pickings-as-noosas-mansions-going-for-a-song-as-buyers-retreat/story-e6frequ6-1226020073799

Lisa Jones wrote on Mar 12^th, 2011 at 1:27pm:


Jees you must be naive Lisa.

Asking real estate agents for an opinion on property sales is like asking Dracula for his advice on donating blood LOL

Lisa Jones wrote on Mar 12^th, 2011 at 1:07pm:


Well out IN the BOONDOCKS