Sunshine Coast Property Market
“The Jewel in QLD’s Property Crown"
Recent reports show that the Sunshine Coast property market has officially outshone Greater Brisbane and the Gold Coast, recording a median housing price increase of 23% over the past year. Fourteen suburbs across the region are newcomers to the million-dollar market, with Marcoola, Sunshine Beach and Coolum Beach making the top five for regional growth within the housing and unit markets. Apartment prices across the Sunshine Coast rose by almost 15%, while migration from capital cities to the Northern beaches grew by an impressive 24% in the latest quarter.
The lifestyle and affordability of the Sunshine Coast, along with low COVID case numbers and increased opportunities to work from home have attributed to the unprecedented property boom. The rental market is also tightening as a result of the growing population, recently hitting a decade-low 0.6% vacancy rate. Major infrastructure projects including the Sunshine Coast Airport Expansion, Sunshine Coast University Hospital expansion and transport infrastructure upgrades have created employment opportunities throughout the region, putting further pressure on an already limited supply of available rental accommodation.
Set to host one of the athlete’s villages and several of the venues for the 2032 Olympic Games, the popularity of the Sunshine Coast is only looking to increase, predicted to reach a population of 580,000 people by 2041. The proposed High-Speed Rail transit system connecting the Sunshine Coast with Brisbane, the Gold Coast and Toowoomba will provide increased accessibility to the region, offering a 50-minute commute from the Maroochydore Station to the Brisbane CBD.
Dreamy beaches, a desirable climate, laid-back lifestyle and bang for your buck have been major drawcards for the Sunshine Coast in the past, with investors now choosing to reside in their rental properties through the ability to work remotely. Low interest rates, relaxed lending criteria and Government incentives are encouraging Australians to purchase property, combined with the potential to live in a year-round paradise, it is no surprise that the Sunshine Coast has outperformed all other Queensland property markets.