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HomeNewsMelbourne-Noosa seachanger Peter Shortal sells up and moves back to Victoria

Melbourne-Noosa seachanger Peter Shortal sells up and moves back to Victoria

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After four years of retirement on Queensland’s idyllic Sunshine Coast, Melburnian seachanger Peter Shortal has traded the warmer climate for the hustle and bustle of the Victorian capital.

What’s more, he’ll be heading back to Melbourne almost $1 million richer after flipping his Noosa “retirement home” for $915,000.

Mr Shortal bought the three-bedroom brick house with a swimming pool in Noosaville for $910,000 in May 2018 and sold it at auction for a whopping $1,825,000 – almost bang on its estimated value – in April this year.

But why leave the Sunshine Coast for Melbourne?

Mr Shortal said, “It [Noosa] can be a bit boring.”

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“It’s a resort environment. And I figured I can make some money and arguably have the best of both worlds by having the freedom to travel up there when it suits me,” he told the Financial Review.

“People still say to me: ‘Are you pleased with the move?’

“I think the jury’s still out on that, notwithstanding the fact I’m here [in Melbourne] and relocated.

“When you’re retired, there is minimal opportunity to pick up windfalls financially, particularly when they’re tax-free. I nearly doubled my money in four years.”

The secret has been out about Noosa for a while now, and as it becomes a must-visit for most Australian tourists, Mr Shortal said the booming seaside town could sometimes match Melbourne’s hectic pace.

He also said he missed his Victorian mates and his golf club.

Describing his situation as “the best of both worlds”, Mr Shortal said he’s now in the “cashed up” financial position to flee the cold – already planning to spend July, August and September 2023 in Noosa.

His agent, Nathan Howie from Noosa Estate Agents, said despite Mr Shortal’s migratory backflip – plenty of southerners were still flooding north to Queensland.

“Back when those people purchased [the property from Mr Shortal], around 65 per cent were still locals or southeast Queenslanders, and interstaters were the rest.

“There were still a lot of locals transacting through Covid. But now the floodgates are open, and they’re able to move about, I see a stronger interstate presence moving north. I believe it’s probably at least half-and-half now.”

Mr Howie said despite the case of Mr Shortal’s, most seachangers to the Sunshine Coast were in for the long haul.

“Fewer people choose to do the flip and go back,” he said.

“Our demographic of buyer has definitely changed since the GFC in Noosa.

“They’re more of an owner-occupier nowadays than an investor. We’ve generally got an older demographic.

“It is their final place where they’re choosing to live in Sunshine.”

House prices on the Sunshine and Gold coasts remain up around 40 per cent from pre-pandemic levels, with agents expecting another rise as the Brisbane 2032 Olympics approaches.

Read related topics:BrisbaneMelbourne

Story Credit: news.com.au

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