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Sunshine Coast April 2024 Property Market Update

Looking to buy a Sunshine Coast home? Your April 2024 local market update

Are you looking to buy a Sunshine Coast home and want to know what is happening in the market? Here is our Sunshine Coast April 2024 market update.

Sunshine Coast home values

Across the Sunshine Coast (including Noosa) region, listing volumes have slightly increased by 3% overall from the same time last year (source: SQM Research).

Home Scouts April 2024 Sunshine Coast property market report

When it comes to market update data, days on market indicate the speed of the market, and we are seeing some increases in the median days on market in some of the higher end suburbs across the coast.

Median sale prices, change in median house price and days on market for selected Sunshine Coast suburbs are below:

Suburb Median Value (Houses) Change in Median Price

(12 months)

Median Days on Market

 

Noosa Heads $1.805 M -8.6% 68
Noosaville $1.705 M +2.2% 45
Sunrise Beach $1.85 M +2.8% 42
Tewantin $1.07 M +5.8% 30.5
Coolum $1.31 M +9.6% 58
Mudjimba $1.2 M -1.8% 56
Buddina $1.59 M -4.2% 66
Maroochydore $996K +7.9% 47.5

(Corelogic and SQM, March 2024)

New listing volumes in suburbs like Noosa Heads and Noosaville are reported to be down (-29% from last year). Interestingly in the neighbouring and more affordable suburb of Tewantin, the total of new properties listed for sale in March 2024 was almost double that of the March 2023 figures (source, SQM Research). It appears that those properties in those more affordable areas are still being absorbed relatively quickly though, evidenced by the lower Days on Market.

 

Buyer sentiment

While the ‘Fear Of Missing Out’ factor by buyers has diminished in some parts of the coast and more caution is being exercised, the demand for properties in quality locations across the Coast remain and supply continues to be low in some areas (particularly those suburbs which are centrally located).

Overall, the Sunshine Coast continues to remain Australia’s most coveted region for movers, capturing a record share of 17.5% of net internal migration nationally over the last year according to the latest Regional Movers Index (RMI).

Home Scouts – Sunshine Coast Australias top destination for internal migration

 

Rental market

Vacancy rates for the last month on the Sunshine Coast were reported by SQM Research to be 1.0%, reflecting a continued and well documented undersupply in this market. A 3% vacancy rate considered to be the equilibrium point where the market is balance between landlords and renters, so the current rental vacancy rate indicates the rental shortage will continue (as with most other regions given the current housing shortage).

 

Market Update Conclusion

Our market update indicates that if you’re looking to move to the Sunshine Coast, or buy in the region, the next few months may present good opportunities to look to purchase, particularly if stock levels rise. There are still buyers actively looking for property, but there is a degree of caution in this market in the short term as buyers don’t want to risk making a mistake.

If you’d like help with your next Sunshine Coast home purchase or would like to discuss anything in this market update, please get in touch. You can also follow us on Instagram or LinkedIn.

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