Sunshine Coast Market Update
As we have spoken about here several times recently, South East Queensland has been among the best-performing regions in the country during 2020, and the Sunshine Coast has been the Star! The allure of the coastal lifestyle combined with increased work flexibility and interstate migration has seen demand in the area increase and the market become ultra-competitive.
The Sunshine Coast has weathered the storm from the pandemic better than anyone could have predicted, with all sectors of the market firing on all cylinders. A combination of factors is underpinning the region’s property market, with major infrastructure projects, low-interest rates, and already strong interstate migration - which is expected to strengthen even further.
Noosa remains number one of all major regions across Queensland, with an impressive 3.6 per cent quarterly increase to $895,000. It is the clear leader over the year with growth of 11 per cent. While the charms of Noosa are well known, the remainder of the Sunshine Coast is also kicking serious property goals with quarterly growth of 1.8 per cent, and an annual median house price rise of 5.3 per cent. Its annual median is now $611,000.
The robust market conditions have continued over the September quarter, even with the Queensland border remaining closed. Enquiries from southern buyers have remained strong with many waiting for the border to reopen (which is now at the time of writing). However, the rising market conditions had caused some vendors to become overly optimistic with their sale prices. Those houses that are priced correctly are not lasting long on the market, with buyers prepared to pay a premium to secure their slice of coast real estate.
While plenty of other locations around Queensland have had sluggish unit markets over recent years, that hasn’t been the case for the Sunshine Coast. With many regions, including Brisbane, struggling to return to price points from five years ago; the coast unit market has made healthy price gains over the same period.
The median unit price in Noosa has increased by a staggering 67 per cent over the past five years, while it has risen by 15.3 per cent in the Sunshine Coast LGA. Over the quarter and the year, the two regions also posted solid median unit price increases. With many of the region’s unit developments offering excellent positions near the coastline and more affordable entry points, demand is expected to continue and strengthen prices.
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