According to the latest REIQ Queensland Market Monitor, the Sunshine Coast recorded a positive result, with its median house price up 1.2 per cent to $440,000 over the March quarter.
According to local agents, the market had transitioned from having a wait-and-see mentality to being optimistic.
There has reportedly been a realisation that the worst is behind the market and the future is looking much brighter.
The improved mood is also being complemented by plenty of positive media about major infrastructure projects, such as the hospital and the airport runway upgrade.
Further evidence of the passing of the bottom of the market included the increased price-point of entry-level properties.
Agents had strong demand for properties priced around the $350,000-mark, but this stock has now been depleted.
Buyers wanting to purchase affordable properties now generally have to pay about $400,000.
Agents are starting to see some more investors in the market as well as more instances of multiple offers and multiple bidders at auctions.
Low interest rates were also underpinning the market, with solid growth forecast in the months ahead.
It has been noticed that many people – and not traditional renters – have been ‘parked’ in rental properties until they understood that the market was doing better.
These buyers are now active, especially with the most recent rate cut serving to spark the market to an extent.
Agents expect to see slow and steady growth in the months ahead and not unsustainable jumps in price.
The median price of units and townhouses on the Sunshine Coast was steady at $330,000 over the quarter. Over the year ending March, its median price reduced slightly by 1.5 per cent.
A sign of the improving unit market on the Sunshine Coast, however, is its preliminary numbers of sales increasing by 22.6 per cent compare to the same period last year.
A solid performer over the quarter was Peregian Springs which posted median unit price growth of 12.9 per cent to $327,500.
Noosaville also did well, recording median price growth of 13.3 per cent to $345,000.
The vacant land market returned optimistic results for the Sunshine Coast over the March quarter. The region saw a 9.1 per cent increase to $259,000 in its median land price over the period.
Positively, the Sunshine Coast was 13.8 per cent up on the same quarter in the previous year. Preliminary sales numbers have also increased versus last year with 107 compared to 94 recorded in the region. A 10.9 per cent positive change in median sale price over a five-year period was recorded, as well as a 1.7 per cent change over the year.
The rental market in the Sunshine Coast region eased to 2.2 per cent at the end of March, however remains at tight levels. The coastal areas of Caloundra, Maroochy and Noosa all saw increases in vacancy rates.
Comments from REIQ accredited agents regarding employment conditions appear to be mixed, though does appear to be improving in the Noosa area. Throughout the Sunshine Coast region, vacant properties are attracting between two to five applicants per listing.