Significantly fewer luxury homes on the open market at Noosa

A leading real estate agent has detailed just how exclusive the prestige property market is at Noosa.

Tom Offermann Real Estate Noosa Heads principal Tom Offermann said far fewer homes were selling on the open market.

And when they do sell, they go for a hefty price.

One extravagant residence at Noosa Heads was recently sold for about $30 million.

No.43 Witta Circle – a four-bedroom, four-bathroom, six car space mansion on the canal front – was the second biggest sale in Noosa behind a beachfront home sold at Sunshine Beach for $34 million in 2022.

Mr Offermann said very few high-end homes were offered to the public.

“Gone are the days when it was a speculative market with owners flipping properties for a quick profit,” he said.

“There were times when buyers had the choice of over 50 waterfront houses to choose from on Noosa Sound. However, today there are just two.

“Sunshine Beach often had five to 10 houses available on the beachfront, and today there is only one, which will hit the market in spring.

“Also, it’s been years since a three-bedroom apartment facing Noosa Main Beach has been sold.

“Low inventory of available property could be new norm.”

He detailed one of the reasons why.

“The basis of the supply shortage is the (homeowners’) fear of ‘where would I go if I sold’,” he said.

“People who have settled and invested here simply don’t want to leave.”

And when they do sell, they don’t go far.

“Lately, there has been a higher than usual number of owners shifting houses within town, upsizing or downsizing or just trying another suburb,” he said.

Mr Offermann also said many top properties were going to relatives.

“Properties in Noosa are being treated as generational assets being handed down to family rather than being sold into the open market,” he said.