Sunshine coast market update

Sunshine coast market update

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The Sunshine Coast’s median house price decreased by 1.6 per cent over the June quarter to $438,000, while over the 12 months to June 2013 improved by 2.3 per cent to $440,000.

According to REIQ accredited agents, the June quarter saw a continuation of the confidence seen over the previous quarter, with an expectation that this will increase once the Federal election is done and dusted.

A review of preliminary results suggests that house sales increased by 21.7 per cent and 31.2 over the previous quarter and June quarter 2012 respectively. As far as stock levels are concerned there is a gentle tightening but there are no concerns about a shortage of listings.

Price points vary depending on where you are in the Sunshine Coast region however agents have noticed an increase in the amount of prestige sales occurring in the overall housing market.

Despite having an effect on sales activity in other parts of Queensland, the current interest rate environment does not appear to be a factor amongst owner occupiers at the moment.

Rather, buyers are more concerned about their own preferences and are not too sensitive about price so long as they are able to purchase what they are after. Sellers are noticing this too and are a little less wavering on their price expectations, as they sense the market is improving.

Situated on the edge of Caloundra’s coastal heart, Little Mountain recorded a median house price increase of 8.0 per cent to $470,000. According to suburb profiles on reiq.com, Little Mountain is only a short drive to the main beaches, shopping centres, schools and leisure facilities, including the Jill Chamberlain Bushland Reserve.

Other suburbs that saw solid price growth and sales activity over the June quarter were Maroochydore, up 3.4 per cent to $450,000, and Sippy Downs, up 4.0 per cent to $416,000.

The unit and townhouse market of the Sunshine Coast was a little more subdued over the June quarter. While preliminary sales numbers remained steady, the median sale price fell 7.2 per cent to $320,000.

Due to tighter rental conditions, the Sunshine Coast region saw a fall in its vacancy rate to 2.0 per cent as at the end of June. All areas within the region saw declines in the number of rental properties available for rent. Around the Caloundra area, houses are renting well compared to units while there appears to be an undersupply of investment properties for a growing Maroochy Coast area.

Along the Noosa Coast, agents are also seeing an undersupply of rental stock not usual for the time of year, while in the Hinterland, residents appear to be staying put due to prevailing economic conditions.

Latest data from the RTA shows that median rents for both two bedroom flats and three bedroom houses increased by $10 to $310 and $380 per week respectively. In the postcode of 4551, which includes the suburb of Little Mountain, the median rent of a three bedroom house was recorded at $380 per week for the most recent June quarter.


Brought to you by the REIQ’s Queensland Market Monitor

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