A waterfront property in Noosa Heads has sold for $40 million, setting a new record for Queensland real estate. The deal, which closed recently, surpassed the previous high set by mining billionaire Gina Rinehart’s $34 million purchase of Webb House in Sunshine Beach in 2021.
The property, located at 32-34 Noosa Parade, is a double waterfront block comprising a combined 1,222 square meters on Noosa Sound, situated behind the popular Hastings Street precinct. The home itself dates back to the 1980s and is not considered a mansion, according to Tom Offermann of Tom Offermann Real Estate, who managed the sale. Both parcels were previously owned by Laurie and Gail Smith, a retired couple from Brisbane, who had acquired the two adjoining properties separately—one in 2008 for $5.7 million and the other in 2023 for $16.2 million.
Offermann noted that acquiring such adjacent waterfront blocks in the area is exceedingly rare, as there are only a handful of similar paired waterways in Noosa, with owners typically reluctant to sell. The scarcity of available land, coupled with increasing demand for larger homes, has led some buyers to consider innovative solutions such as constructing basement levels to maximize living space without expanding the footprint of their properties.
The Noosa Sound waterways are well regarded for their proximity to local amenities, including restaurants and shopping on Hastings Street, as well as easy access to Noosa Main Beach. The site features two jetties, which provide direct passage to the Noosa River, nearby Everglades, lakes, and the Coral Sea.
The identity of the new owners has not been disclosed, nor have their plans for the property been revealed. However, the sale reflects ongoing strong demand for premium real estate in the region despite a broader cooling in Australia’s housing market.
Alongside this record sale, other recent transactions demonstrate the buoyancy of Noosa’s luxury property segment. In 2024, a newly built home on Witta Circle sold for $30 million. Most recently, Offermann and Jesse Stowers of the same agency sold 31 Witta Circle for $19.2 million, marking a $1.6 million increase over 12 months with no modifications made to the property. Offermann highlighted that properties in the area have delivered average annual capital gains of around 15 percent since their release in 1974.
Currently, Offermann is marketing a 1,447 square meter hilltop site at 39 Picture Point Crescent with a $50 million price tag, along with a nearly completed architect-designed beach house in nearby Sunshine Beach.
Despite challenges in the broader Australian property market driven by cost-of-living pressures and rising interest rates, Offermann described Noosa real estate as a consistently strong asset. He characterized recent price softness as a short-term opportunity in a market that has historically demonstrated robust long-term growth, appealing to both premium buyers and those seeking value properties under $1 million.