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One market source estimated that there was currently one buyer for every 50 properties available in Noosa, saying property values had "fallen off a cliff".
"It was a special market and went up every year for 18 years or so, this is the first dramatic downturn," the source said.
Noosa had withstood every other downturn since 1983, but the market was now worse than the Gold Coast, he said.
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