Sunshine Coast Property Market Sets New Price Record

If Queensland property prices were an Olympic event, the Sunshine Coast would have just won “GOLD, GOLD, GOLD!”

House prices on the Sunshine Coast have skyrocketed a massive 23.1 per cent in just twelve months blowing the competition out of the water.

Like athletes that just clocked PBs but still didn’t win, the Gold Coast and Greater Brisbane have also put in stellar efforts, with their house prices rising a stunning 18.2 per cent and 13 per cent accordingly. (Source: Domain House Price Report)

So, what does this huge hike mean in actual dollars? The Sunshine Coast’s housing price increase is equivalent to an extraordinary $155,000, the largest annual rise since prices boomed on the Coast in 2004.

The median house price for the Sunshine Coast now sits at a record-high of $825,000, significantly higher than Brisbane’s median of $678,000 and the Gold Coast’s $792,000.

The apartment market on the Sunshine Coast also saw significant growth over the last year with unit prices increasing from $490,000 to $560,000, a rise of 14.3 per cent.

Even Thorpie would be impressed by stats like that. But don’t think the Sunshine Coast is even close to done with that effort.

Queensland’s lifestyle, housing affordability, and comparatively favourable COVID-19 performance, combined with our increasing ability to work remotely, and record-low interest rates, have created a perfect storm for housing prices.

The Sunshine Coast property market has seen an influx of cashed-up buyers from the southern states eager to make a sea change. And with local property comparatively cheap compared to the Sydney and Melbourne property markets, the only way is up for Sunshine Coast prices.

While the influx from the southern states continues, real estate agents expect the Sunshine Coast’s housing market will continue to go from strength to strength.

The Sunshine Coast is expected to be Australia’s fasted growing city over the next two decades, with its population anticipated to increase by 200,000 by 2030.

This may all be great news for investors and sellers (so long as you’re not trying to buy again in the same market), but it does raise some legitimate concerns regarding housing affordability. Rental price increases over the last twelve months are already putting pressure on Sunshine Coast locals who are struggling to compete for rental properties or afford their higher rental payments.

Real estate agents and property experts agree that future development is the only way to meet demand.

To give a sense of just how great the demand for housing will be, it’s predicted that the Sunshine Coast will need to have a new suburb pop up every year for the next 20 years to keep up with the region’s population growth. (Source: Direct Collective Property Market Update, theurbandeveloper.com)

Meanwhile, the competition for vacant land is fierce and buyers are willing to pay a premium to secure the perfect site for their dream home. One of the last remaining blocks of land in Maroochydore’s CBD, just a stone’s throw from the beach, recently sold under the hammer for $1,000,000.

Endeavour Foundation’s spectacular $1.4 Million Prize Home at Aroona, just three kilometers north of Caloundra’s Centre, is a perfect example of the luxury properties that are being built on sought-after parcels of land.

A mere four-minute drive from the white sand of Dicky Beach, the contemporary home doesn’t take its rare-as-hen’s-teeth location for granted. Ocean views seen from both storeys of the home are a permanent reminder of just how close Caloundra’s beautiful beaches are.

The home’s ‘Modern Miami’ aesthetic epitomises today’s Sunshine Coast beach house, embracing life in the sub-tropics with effortless elegance, without even breaking a sweat. Crisp white, natural finishes and bold accents have a casual confidence that capture the mood on the Sunshine Coast right now. Things are looking very good indeed.

Stand on the balcony overlooking the Pacific Ocean and it’s impossible not to fall in love with this part of the world. It’s no wonder everyone seems to want a piece of it.

And with the property market the way it is on the Sunshine Coast, could your best shot at getting your foot in the door be a ticket in an Endeavour Foundation Prize Home lottery?

With just $10 you could have your chance to own your own slice of Sunshine Coast paradise. What are you waiting for?

Sources:
Domain House Price Report, ‘Sunshine Coast property market outstrips Brisbane and the Gold Coast for house price growth’, 2021, www.Domain.com.au
Direct Collective Property Market Update, theurbandeveloper.com

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