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Price of Land at Noosa Estate Dropped

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Written by Marc Pallisco   
Sunday, 31 October 2010 00:22

RESIDENTIAL land blocks at a Noosa estate have been reduced, two years after the project was placed in receivership.

Blocks within the Beach Road estate at the $200 million Noosa North Shore project started at $1.4 million but have been reduced to $810,000.

The agent, Tom Offermann of Tom Offermann Real Estate said the revised price is expected to attract a different demographic to the area. It’s expected the move will generate another $20 million in sales for receives of the Petrac Group, Ferrier Hodgson.

A 12 week stay restriction previously attached to houses in the area has also been removed, Mr Offerman told the AFR.

Noosa has been particularly negatively affected by the economic downturn, with Australian Property Monitors showing the median house value fell from $762,500 in July 2008 to $650,000 in July 2010.