The booming Sunshine Coast

The booming Sunshine Coast

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The Sunshine Coast SD property market, as a whole, is performing well. As reported in the REIQ Queensland Market Monitor this area, which includes the Sunshine Coast LGA and Noosa, is one of the top performers in the state.

Since 2011 more than  50,000 people have moved to the Sunshine Coast SD. This beautiful location is attractive because it offers world-class beaches, good schools, as well as the Sunshine Coast University Hospital, and is within commuting distance of the Brisbane CBD.

To support the population growth the State Government and Building Queensland have delivered projects designed to ease congestion. These projects include the Bruce Highway Upgrade – Caloundra Road to Sunshine Motorway Project.

The business case for the$780 million rail line duplication is being assessed. The Beerburrum to Nambour Rail upgrade, is being heavily advocated by the Sunshine Coast Council and REIQ hopes to see the green light given.

The Sunshine Coast Mayor Mark Jamieson said “Duplicating and straightening the rail line will allow faster journeys and better scheduling for passenger and freight services.

“The State Government’s SEQ Regional Plan highlighted that 200,000 additional residents will move to the Sunshine Coast Council over the next 20 years. Council has undertaken extensive planning to accommodate them to reduce the environmental footprint.”

Implementing these projects will benefit the Sunshine Coast SD property market. The annual median house price for this area grew 6.2 per cent, from $518,000 to $550,00 in the 12 months to June.

The unit market has also been performing well. Despite the 4.9 per cent drop, from $410,000 in March the $390,000 in June, the annual price increased 3 per cent making this a good performer compared to other Queensland LGA’s reported in the QMM.

Looking more specifically at Noosa the annual median unit price of $479,000 has grown 17.8 per cent over the past five years. This increase places Noosa as the top performing LGA over the past five years.

The trend market indicators for both houses and units are showing that demand is increasing in the Sunshine Coast SD.

Comparing the May 2017 data for houses with 12 months ago, the stock on market remained fairly similar over the year,9 per cent to 8.9 per cent.  Days on market also fell from 54 to 46, with properties taking about a week less time to sell compared with a year ago.

The vendor discounting tightened from 4.4 per cent in May 2016 to 3.9 per cent in May 2017. This was the third-smallest reported vendor discount, the second being Sunshine Coast LGA at 3.7 percent.

The number of house listings fell from 9,461 in May 2016 to 9,336 in May 2017, which was only seen in four LGAs in this quarter, unlike the unit market which saw an additional 309 units listed.

The stock on market for units increased from 10.0 per cent in May 2016 to 10.7 per cent in May 2017 and days on market fell from 68 to 59.

Overall, the popular Sunshine Coast SD is experiencing consumer confidence with the large projects that are scheduled for the area. The property market is performing well, particularly in the Noosa area which boasts the second-most expensive house and land market and the most expensive unit market in Queensland.

To keep up to date with the Queensland property market, follow us on Facebook or sign up to the REIQ Queensland Market Monitor here.