Confirming what many of us already know, there simply are not enough properties to meet the rental demand on the Sunshine Coast at this moment in time.
The expected growth of the airport, new CBD and better highway access will mean more people want to live and play here which is great news – BUT they have to live somewhere.
According to REIQ’s Q1 2018 Vacancy Rate report, rates remain very low on the Sunshine Coast.
REIQ CEO Antonia Mercorella said, “The Sunshine Coast, overall, has a vacancy rate of 1 per cent. Caloundra, along with Gympie, has the tightest vacancy rate in Queensland, with just 0.5 per cent of properties vacant.
“The Sunshine Coast is very challenging for renters who are looking for accommodation and we have said consistently for quite some time that this market would benefit from additional investor activity. The upward pressure on rents, as a result of this tight vacancy rate, will serve to push this market towards unaffordable.
“It’s no surprise that renters are flocking to this market – it’s such a stunning part of the world with employment opportunities – but additional supply into this market would be very beneficial,” Ms Mercorella said.
Thankfully there are several new projects now underway both WI Property Group and other reputable coast developers. The revised town plan around the new CBD will also go a long way towards integrating mixed use developments such as Opal on First which I will be unveiling over the coming months.
We are attracting talent from interstate and overseas and while they do not expect a replica of where they have come from they do expect to find funky bars, cafes and restaurants. They expect to be served good food, good wine and outstanding coffee and they expect us to be open later than 7pm on an evening.
With interstate migration adding to our population growth we are seeing many savvy operators delivering amazing fit outs and then running the establishment with an upbeat vibe full of energy and passion.
Everyday I speak to someone who has just moved here, is about to move here or who wants to move here. We live in the most amazing region in Australia and the secret is well and truly out. We just now need to find them somewhere to live!