Sunshine Coast Home Prices Soar, Could Rise Even More: Estate Home Price Report
It’s official – the Sunshine Coast is now one of Australia’s hottest real estate markets where even a modest beach hut a few blocks from the dunes could cost you millions.
After a year of record growth, house prices in this once-laid back beach town hit record highs in the September quarter, the latest estate house price report revealed, with medians of homes in Sunshine Beach up 47.6% to a staggering $ 2.665 million in just 12 months.
The prestigious pocket is now the eighth best performer in the country for annual price growth, according to the report.
The Sunshine Coast beach suburb of Minyama ranked sixth in national annual growth after house prices soared 54.4% to $ 1.66 million.
Fueled by insatiable demand from cash-strapped southern buyers, aggressive growth has propelled 11 suburbs into the $ 1 million median home price club – which now has 15 members. And more should join.
“It’s a market that is still very dynamic and incredibly there is even more room for growth… so watch this space,” said the field’s chief research and economics officer, Nicola Powell.
“There was still a 5.4% increase in house prices (in the September quarter on the Sunshine Coast) and we have had four consecutive quarters now growing above 5%.
“Many of these areas have always been in high demand – like Sunshine Beach, Peregian (Beach) and Noosa… and they’ve always been your classic places to buy that secondary vacation home. But it’s a new level of growth and it’s a new price point and it’s a modified model.
“I would say the Sunshine Coast was one of the top performing cities in Australia in the September quarter… and it’s up there for annual growth.”
According to the Domain report, the quarterly increase in home prices of 5.4% pushed the median to $ 875,000, while units rose 6.3% to $ 590,000.
Outside of Minyama and Sunshine Beach, more than a handful of suburbs recorded annual price increases of more than 30%, including Buddina, where the median home price climbed 44.3% to 1.255 million. dollars; Peregian Beach, which saw the median home price rise 35.2% to $ 1.115 million; and Sunrise Beach, where the median home price climbed 34.7% to $ 1.36 million.
The unprecedented boom has also seen the region achieve recent records for home and unit sales in Queensland, including $ 16.1 million for the luxury apartment at 5/81 Hastings Street, Noosa Heads, and $ 34 million for the huge 17 Webb Road, Sunshine Beach.
The two have made transactions in the past four months through Tom Offermann Real Estate.
It’s an incredible annual report and a remarkable moment in real estate history that paved the way for a bright future, even though scarcity and affordability fears had scared some sellers and buyers, said Adrian Reed. , director of Reed and Co Estate Agents.
“The tension in the Noosa real estate market [right now] is palpable, ”Mr. Reed said.
“The recordings are rewritten daily and the sense of urgency to secure top notch properties is at a level we have never experienced. The common misconception is that there is a limited supply; however, statistics show that the number of properties sold is the highest we have seen in the past three years.
“Homes sell faster and the inventory doesn’t linger or build up in the market. This creates a feeling of scarcity among buyers and in some cases discourages sellers from putting homes back on the market for fear of not finding the right property after a successful sale. The reality is that there are still great buying opportunities.
But buyers must act quickly and have the means to seize these opportunities, with real estate experts predicting that the fierce competition that fueled price hikes last year will only intensify once borders reopen.
“Low interest rates and population growth will support market growth for the remainder of 2021 [and] the prospect of opening the borders is likely to lead to increased demand, ”Mr. Reed said.
“Over the past six to nine months, we have seen a noticeable increase in demand from Sydney and Melbourne; a combination of families looking to get away from densely populated areas, retirees, money changers and buyers of prestigious vacation homes.
Sunshine Coast agency Dowling Neylan recently broke the Queensland record for a house auctioned off after securing $ 16.45 million for the stunning 41 Picture Point Crescent, Noosa Heads, in a move which the director Dan Neylan, revealed the strong confidence of buyers in the sun. Region.
“People recognize Noosa as the first seaside resort on the east coast and this [boom] is long overdue, ”said Neylan.
“But now a lot of sellers are reluctant [to list their homes] because they don’t know where they are going to be able to go next.
As the supply / demand ratio raises concerns among real estate punters, Mr Neylan said the gravy train was gathering momentum thanks to the fundamental cultural shift that has seen high-end buyers in the south view the region as less a vacation destination and more a place to call home.
“Townspeople can now run their lucrative businesses from Noosa, bringing wealth out of the regional areas. So you not only have these people who (are) willing to spend this money, but now it is their main place of life, ”Mr Neylan said.
“First and foremost is the international airport established in Maroochydore and when it is fully operational you will have a large number of expats and international people watching the Sunshine Coast.
“I’ve been here for 28 years and before today the migration was mostly from retirees, but now it’s all a mix. You are now driving around Noosa and you see more Bentleys and Ferraris than you have ever seen and they belong to the people who have now decided to call Noosa home.