Elysium Market Report July—September 2015
The first quarter of financial year 2015—2016 has seen some excellent results as the market in the estate begins to consolidate and we are starting to see a shortage of stock as we come into the peak selling period in Noosa. AVJennings have all but sold their last remaining lots and only have 2 lots left priced at $330,000 and $335,000. A land price over $400,000 is well established with all of the final stage now sold with several in the $400,000—$420,000 price range.
Demand for newly completed houses is good and prices in the high $700,000 and low $800,000 are being achieved for good quality new homes. A new 3 bedroom home designed by Paul Clout at 10 Bennets Ash Road has sold for $772,500 and a well finished, custom designed 3 bedroom home at 29 Bumpy Ash Lane is under contract in the low $800,000 range. A 4 bedroom Plantation Home is also reportedly under contract in the high $700,000 price range.
Recent sales in the original precinct of the estate have been very good in the past 3 months, with 5 sales occurring , including 2 off market transactions. Sale prices of between $900,000 and $1,300,000 have been achieved. Although still below replacement cost, it is encouraging as it shows an increase of around 25% in values in the past 12—18 months. It is likely that as time goes on, well maintained properties in this area are likely to continue to rise as the negative perception from the market dissipates and they are seen for what they are, stunning individual architectural homes in a great location.
As we enter the peak selling period in the Noosa area a shortage of stock in most price ranges is beginning to appear across the market. The past 2 years has seen relatively balanced market conditions, not favoring buyers or sellers, however in many price ranges the number of properties for sale is less than the number sold through the year, pointing to a scenario that is likely to see upward pressure put on prices. This, combined with a very tight rental market is a good lead indicator that price rises can be expected in the short to medium term.
Demand from Sydney and Melbourne buyers is very strong at present and many sales in Elysium and Noosa are to buyers from these areas cashing in on the strong conditions in these markets and making a lifestyle move to Noosa.
Elysium Internet Update
As most people in the estate are aware, internet connection is a big problem, not only to Elysium, but in Noosa in general. This is due to unmaintained infrastructure and no planned upgrades to the current infrastructure. The Body Corporate has been active in finding a solution to this and have been working with BITS Wireless who are planning to establish a supply to the whole Noosa region.
Another option is also being considered with Our Community Broadband, who would supply a service dedicated to Elysium residents. The Committee is committed to having a service available ASAP and is working hard to achieve this. Sean has been closely involved with this and will keepthe community updated with progress. In the mean time information for each service is available on their respective web sites, www.bitswireless.com.au or www.ourcommunitybroadband.com.au.