As a result of an inflow of people looking to relocate, the Sunshine Coast is quickly becoming one of Queensland's strongest residential real estate markets, exceeding both Brisbane and the Gold Coast.
The Sunshine Coast has continued to record strong price rise for both houses and apartments, according to new CBRE research, while at the same time, population growth in the area is at its highest level in almost ten years.
The median house price on the Sunshine Coast increased by 3.8% to $622,500 in the year leading up to June 2020, while the median unit price increased by 2.4% to $420,000. The annual rates of increase were higher than those of the Greater Brisbane area (1.3% and 1.7%, respectively) and the Gold Coast (3.1% and 1.7%, respectively).
Notably, Gold Coast only saw increase of 0.2% for houses and 0.5% for units in the second quarter of 2020, while house and unit prices remained almost flat. In contrast, house prices on the Sunshine Coast jumped by 0.8% during the quarter, while condo prices rose by 1.2% over the same period.
As more people continue to work from home, regional and satellite real estate areas, including the Sunshine Coast, are seeing an uptick in transaction activity and house price rise, according to CBRE's Senior Managing Director of Residential Valuations, Jarrod Fazer.
"In the face of COVID-19, regional and satellite residential property markets are exhibiting surprising resilience. People are discovering that the world has likely changed for the better in terms of their capacity to stay connected via video conferencing, and as a result, locations like the Sunshine Coast are benefiting from a Zoom boom, according to Mr. Hulcombe.
"Over the past several months, we've observed individuals who were thinking about moving to the Sunshine Coast accelerate their decision as a result of COVID-19. It is now simpler for people to maintain their professions in the capital city while enjoying the advantages of a regional living thanks to the availability of video conferencing.
Sales turnover has increased dramatically in the Sunshine Coast area, underscoring this. 5,565 houses changed hands in the year leading up to June 2020, an increase of 6.4% from the previous year.
Strong population increase from both intrastate and interstate sources, according to CBRE data, was a major factor sustaining housing price growth.
The Sunshine Coast, which had 328,428 residents as of June 2019, had grown by 2.7% annually during the previous three years, with the net population rise of almost 25,500 being the strongest sustained increase since the early 2000s.
During this time, 60% of the Sunshine Coast's new residents came from elsewhere in Queensland, while 30% came from Victoria and New South Wales.
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