I have always said it had to happen one day. While we struggled through the economic crisis a mere eight years ago, the Sunshine Coast was quietly going about its business, setting the scene for the day we would knock the Gold Coast off it’s perch and rightly take the title of the best annual performer in the property market. And according to the latest Real Estate Institute Queensland (REIQ) report that’s just what we have done.

Make no mistake, this hasn’t happened by accident. Our once sleepy region, with all its abundant beauty has been carefully guided to this point by many talented people, over many years. And whether you like them or loathe them the Mayor and his team in Economic Development at the Sunshine Coast Council have been working tirelessly to deliver the infrastructure required to get us to this point.

You don’t get growth and increased interest in property without infrastructure and jobs. The expansion of the airport, our new CBD, the hospital and health precinct and now the subsea cable are all contributing to the confidence investors and home owners alike are feeling and the demand for property is continuing to rise.

So much so that, according to the REIQ report the Sunshine Coast property market recorded a 6.4 percent growth for the year to June 2018 annually, while the Gold Coast reported growth at 4.5 per cent.

For the 12-month period there were 4,381 houses sold across the Sunshine Coast (LGA) with an annual median house price of $575,000.There were also 806 sales of houses with land in excess of 2400m2 and a median sale price of $680,000.

Individual beachside suburbs fared well with the report noting the annual median sale prices on houses in the following suburbs:

There were 3049 units sold across the entire Sunshine Coast (LGA) over the past 12 months, showing a healthy 4 percent growth.However, there is still not enough stock to meet the growing demand and according to the REIQ report, the “rental market is tight”, with only 2 percent vacancy.

Adding pressure to the rental market is the continued internal migration we are experiencing as our southern cousins seek a change of pace in our beautiful region. “The Sunshine Coast is a preferred destination for net internal migration (welcoming about 6120 new internal migrants for the year to June 2017)”, the report noted.

And more and more people are choosing to live on the Sunshine Coast and commute to Brisbane and the Bruce Highway upgrades will help facilitate this. And the REIQ CEO agrees. REIQ CEO Antonia Mercorella said, “Looking forward, once the Bruce Highway upgrades are completed and commuting to Brisbane becomes more feasible, it’s likely we’ll see added demand for Sunshine Coast living.

“This area would benefit from greater supply levels, undoubtedly,” Ms Mercorella said.

All in all, this is a great report card for the region. However, to keep the momentum going we need to be able to accommodate the needs of both those who wish to live here as well as those who simply want to visit. Without a doubt we need to ensure we continue to forge ahead with beautiful new accommodation options that will meet the demands now and well into the future.

Source: REIQ – Quarterly Market Monitor, June 2018, Issue 39

Image credit: Sunshine Coast Daily