13 January 2006

Record prices for property in Noosa, Australia

A one bedroom apartment at Noosa’s premium Netanya beachfront resort has been sold to a Melbourne business man for $2.3 million, the highest price ever paid for a one bedroom apartment in Noosa. The same property sold in 1996 for $520,000.

A Roma businessman and property owner bought a similar, 75 square metre beachfront apartment on the top floor of the Hastings Street resort last year for $1.79 million, setting the value of the property at more than $23,866 per square metre.

The new price represents a per square metre value of $31,500.

Real estate agent Klaus Tschech from Noosa Richardson and Wrench, said Noosa beachfront property has grown on average by 20% year on year for the past 15 years.

"Noosa only has 650 metres of beachfront property so real estate in this premium location will always be a good performer," he said.

Netanya Noosa's tariff for a one bedroom penthouse terrace apartment for the 2006 high season is $4,375 per week.

The Netanya Noosa beachfront resort complex was purchased by private owners eleven years ago. Each apartment was converted to strata title and sold off to individual owners for personal use and holiday letting.

Don Farrow, CEO and Chairman of Netanya Management Group in Noosa, was a partner in the original purchase of the property and has spent the last decade developing the property and building a management team to market the property to high end holiday makers.

The result is a property which has maintained an elite appeal for owners and guests which have included Jana Wendt and Michael Gudinski.

Mr Farrow credits the success of the resort to his core staff of 16, which swells to 32 in peak periods.

“Fifty per cent of our core staff have been with us for more than a decade and together we have created a culture in which the guest and owner experience is paramount,” he said.

The onsite management of the resort enables the apartments to function like a hotel for owners and holiday makers, with daily servicing, room service, mini bar, PABX facilities and extended check in hours.

“Some time ago a few of our apartment owners opted for off site management by external real estate agents in Noosa,” Mr Farrow said.
“That was short lived when those guests were unable to access after hours check-in, daily room servicing, room service or access to the PABX offered through Netanya’s management service.”

All 48 apartments in the Netanya Noosa hotel resort have now been managed for many years through the Netanya Group. The Netanya Management Group owns many of the common areas in the complex such as the reception area, open plan offices, conference facilities (50 theatre style), laundry, PABX system, lunch room and court yard.

Holiday property management used to be the domain of husband and wife operators seeking a seachange to escape from the city.

Sick of urban life and seeking a lifestyle in a tourist destination, thousands of couples and families have traditionally signed up to manage holiday properties over the years, to fund a new life in a more appealing environment.

But the business of management rights has changed dramatically since its fledgling start in Queensland in the 1950s, with many predicting the end of ‘mum and dad’ style management.

Don Farrow says many husband and wife teams seeking an escape from traditional employment quickly become disillusioned with managing holiday properties.

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