Noosa

Story from this weekend's Courier Mail: Noosa Mansions Going Cheap

Extract: "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."