According to the latest South East Queensland Market Outlook Report by property analyst Michael Matusik, the Sunshine Coast is one of south-east Queensland’s best performers for property growth, with a 14% increase in residential sales volumes over 12 months.
Other key indicators also support this positivity, see below:
Average Time on Market Days: 50% decrease
Dwellings Listed for Sale: 12% decrease (hence upward pressure on price)
House Prices: 7.5% increase (detached houses)
Apartment Prices: 5% increase
Townhouse Prices: 15% increase
Vacant Land Prices: 7.5% increase
Detached House & Townhouse Rents: 5% increase
Apartment Rents: 2.5% increase
Matusik predicts sales overall will increase by 15%, attributing this to lifestyle factors, and continued job growth on the back of major infrastructure projects which are boosting confidence and wealth in the local economy.
If demand continues to increase, outstripping supply, both in the sales and rental markets, an upward pressure on prices will be the result; and some savvy vendors have waited until conditions are at the buoyant level they are now prior to selling. However, don’t despair if you are a buyer, as this growth is forecast to continue particularly in the residential market for the next few years and beyond, so it is still a very good time to buy – you can invest in this region with great confidence.
If you are considering selling and are holding off for further price growth, keep in mind that if you are buying and selling in the same market, you will receive more but in turn pay more; so it is important to consider other factors and not just price in isolation.
All in all; the future is looking very bright indeed, whether you are buying or selling.