Apartment Market Forging Ahead On the Sunshine Coast

THE Sunshine Coast unit market is performing “moderately” well and canny investors can reap strong rewards when they buy in suburbs close to infrastructure projects and developments, agents say.

Real Estate Institute of Queensland Sunshine Coast chair Amber Werchon said the latest REIQ statistics show that unit sales were best in Mooloolaba, Coolum and Noosaville.

“They are all holiday destinations with strong events and tourism drawcards such as triathlons, sporting events and school holiday activities,” she said.

Maroochydore, Mooloolaba, Noosaville, Noosa Heads, Kings Beach, and Alexandra Headland recorded the highest number of units sold.

“Confidence from vendors and buyers in the region is strong,” Ms Werchon said.

“We are seeing that the demand from owner-occupiers remains solid.

“However, the market is now seeing increased interest from investors.

“Good unit returns for investors is due to strong rental demand.”

The figures show the Sunshine Coast’s median unit price for the December quarter rose 0.2% to $375,750 from the previous quarter and Noosa’s fell 0.7% to $485,000.

The median unit price for the year on the Sunshine Coast was $375,000, up 1.6% from a year ago and it was much higher in Noosa, where it rose 14.1% to $485,000.

A total of 673 units sold in the three months, 509 on the Sunshine Coast and 164 in Noosa.

Ms Werchon said she was confident that 2017 would deliver a positive market for unit investors and sellers.

“The Sunshine Coast has been identified as the state’s key growth region, with significant ongoing infrastructure projects and developments injecting money into the local economy and creating employment opportunities,” she said.

“The future is looking very bright with a strong forecast due to supply not keeping up with demand.

“Much the same as with houses, the suburbs surrounding or within close proximity to ongoing and upcoming infrastructure projects and developments (will fare best).”

SUBURBS TO WATCH:

Noosa Heads

Size: About 13sq km.

Predominant age group: 55-64 years.

Households: Primarily childless couples.

Likely mortgage repayments: $1000-$1400 a month.

Ownership: 63.4% of homes owner-occupied.

Noosaville

Size: About 26sq km.

Predominant age group: 55-64 years.

Households: Primarily childless couples.

Likely mortgage repayments: $1800-$2400 a month.

Ownership: 60.5% of homes owner-occupied.

Coolum Beach

Size: About 19sq km.

Predominant age group: xx-xx years.

Households: Primarily 0-14 years.

Likely mortgage repayments: $1800-$2400 a month.

Ownership: 58.9% of homes owner-occupied.

Buderim

Size: About 30sq km.

Predominant age group: 0-14 years.

Households: Primarily couples with children.

Likely mortgage repayments: $1800-$2400 a year.

Ownership: 72.5% of homes owner-occupied.

Source: CoreLogic RP Data

Golden Beach

Size: About 5sq km.

Predominant age group: 55-64 years.

Households: Primarily childless couples.

Likely mortgage repayments: $1800-$2400 a month.

Ownership: 59.2% of homes owner-occupied.

Source: CoreLogic RP Data

Credit: Sunshine Coast Daily