International property buyers are going in a "frenzy" for the Firstlight Noosa fractional development in Asutralia which has clocked up AUS $106 million in pre-sales in its first four months.

This high level of demand has led local papers to write about a "frenzy” of interest in the project and the response levels appear to underline the the country's potential for fractional developments after a recent study commissioned by RCI suggested that the Australian and New Zealand fractional market could eventually be worth up to US$9 billion per annum.

The development, which is being marketed by the same company as the Firsltight K Club in Ireland, is the first beachfront development in Noosa in over a decade. Due for completion in 2012, Firstlight Noosa will occupy 100 metres of prime beachfront and feature 20 private residences with around-the-clock boutique hotel amenities and services.

Three-bedroom residences are currently priced at AUS$1.8 million, 4-bedrooms at AUS$2.3 million, and whole ownership units are priced at AUS$12 million.