Sunny days for Coast growth suburbs
HOUSE prices on the Sunshine Coast remain solid, as they have for the past five years, with property experts expecting the region’s growing population will fuel further demand from buyers looking for the “lifestyle factor”.
The Real Estate Institute of Queensland’s latest report covers the June 2017 quarter and shows the annual median house price for the Sunshine Coast grew 6.2%, from $518,000 to $550,000 in the 12 months to June 2017.
This compares with the five-year growth in the median sale price of 27.9%, from $430,000 in June 2012.
Sunshine Beach tops the list of Sunshine Coast suburbs with the highest increase in prices – up 23.1%. It also ranked fifth in the state in terms of annual median house price growth in the 12 months to June.
During the last quarter, Tewantin recorded the highest number of house sales in the region with 45 sold.
Ray White Caloundra principal Andrew Garland said the strong figures were an accurate reflection of what he is seeing in the marketplace.
“The market on the Sunshine Coast is really strong and has seen good growth over past 18 months in terms of pricing,” Mr Garland said.
“This has been underpinned by new developments, the new hospital and the new infrastructure projects which all increase confidence in the area.
“We are seeing a really strong demand, especially in houses. Houses are always stronger than units, although in units the owner occupier market sector has improved significantly. Housing has been going nuts in this region, and I see no reason why this will change while we have low interest rates and continued improving employment rates such as we have had over the past five years.”
REIQ Sunshine Coast zone chair Amber Werchon said home buyers, encouraged by the lifestyle factor and low interest rates, “have entered the Sunshine Coast market looking to reap the rewards for many years time, as a growing population will mean growing demand for a slice of our beautiful Sunshine Coast lifestyle”.
REIQ CEO Antonia Mercorella said Queensland’s south-east corner once again stood out as the ideal housing market, delivering steady, sustainable growth.