The Noosaville and Gympie housing market is now more balanced between buyers and sellers than it has been over the past few years. During covid times many sellers could ask above market value for their properties and generally obtain their desired price. Now buyers are proving to be a lot more savvy and are purchasing properties at a fair market value, with some even snatching up a bargain.
This can be attributed to higher stock levels and the continual rise in interest rates. Purchasers borrowing capacities are not as solid and as a result we are seeing a reduced number of buyers vying for the same property.
With projected 8% population growth for the Sunshine Coast over the next 10 years due to increased immigration from interstate and overseas, economists are predicting that prices will rise again into 2024 and beyond.
With properties being purchased at new market price levels, rentals in demand and economists predicting property growth next year now is an optimum time to invest in real estate within Noosa and Gympie.
The question is what area do you want to invest in?
Noosa has a strong property market and has proven to offer excellent growth opportunities for investors. People are drawn to this tropical destination due to its sought after warm weather, a large selection of stunning beaches and world class surfing spots plus its fabulous array of shopping and restaurant options on offer.
Thanks to strong capital growth, rental price increases and low vacancy rates, Noosa and the Sunshine Coast have become a popular investment destination. According to 2021 census data, across the Sunshine Coast and Noosa, just over a quarter of properties are rented with many more needed.
According to realestate.com, the median price of properties in the Noosaville is currently $1,600,000 for houses and $900,000 for units. A great option for investment properties with houses renting out on average for $1,000 per week and boasting an annual rental yield of 3.5%. Units are renting out on average for $675 per week with a rental yield of 3.8%.
The rental yield is simply the difference between the income you receive from renting out your property minus the overall costs of your investment. The higher your rental yield the greater your cash flow and higher return on investment. The rental yield and return on investment when selling are two aspects to consider when selecting a property investment.
Gympie is proving to be in the midst of growth with over 54,000 residents choosing to live in this regional town and many more predicted to live there in the coming years. Only a 50 minute drive to Noosa many people are drawn to this historic town due to its relaxed lifestyle and affordable property prices.
According to realestate.com, the median price of properties in Gympie is currently $476,000 for houses and $370,000 for units. A great option for investment properties, houses rent out on average for $472 per week with an annual rental yield of 5.2% and units rent on average for $350 per week with a rental yield of 5.1%.
Time To Act
With projected growth on the horizon and the region screaming out for rental properties now is the optimum time to purchase an investment property in Noosa and Gympie.
If you are looking for your next investment property call one of our sales experts today who will be happy to help in your property search. At Laguna Real Estate we also have a large selection of on and off market properties for you to peruse. Call Laguna today on 1800 357 528 to discuss your property requirements today.