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Buying Your Sunshine Coast Property - The Importance Of The Pre-settlement Inspection - Market Update

Looking to buy a Sunshine Coast home and want to know what is happening in the market? September 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 September market update.

CoreLogic Australia’s recent Pain and Gain Report, which provides a national overview of the proportion of properties sold for a loss or gain, included some coverage of regional resales, including the Sunshine Coast. From the market update report, here are key takeouts relevant to our region:

  • In the year to June 2023, resales with hold periods of up to 2 years made up 13% of sales in the Sunshine Coast region (compared with the overall combined regional average for resales within a 2 year period for the previous decade which was 7.2% per year). This is an essential in our market update.
Sunshine Coast resales at 13% Home Scouts

 

 

 

 

 

 

  • The estimated proportion of properties purchased in regional areas has eased to 35.9% (still above pre-COVID levels but lower than the record 39.7% of national home sales in the 12 months to April 2021).
  • Sea change markets are adjusting to reduced demand from higher interest rates, affordability constraints and migration flows. For the March quarter of 2023, net internal regional migration eased a further 11.2% from the previous quarter. However, the Sunshine Coast continues to lead the list for those migrating from the cities to regional areas, with a 16.6% share of all net internal migration (according to the most recent Regional Australia Institute’s Regional Movers Index).
  • Overall the regions have been slower to recover from the interest rate rises and shift in migration trends. But as affordability constraints start to re-emerge across the capital cities, this could once again drive stronger demand in regional areas.

Sunshine Coast home values

Median house values across selected Sunshine Coast suburbs according to CoreLogic (September 2023):

Suburb Median Value 5 Year change (Sept 23) Median Days on Market
Noosa Heads $2.14 M 44.1 % 65
Noosaville $1.65 M 48.2% 54
Peregian Beach $1.64 M 46.3% 57
Sunrise Beach $1.75 M 49.8% 47
Tewantin $964K 42.5% 57.5
Coolum $1.2 M 49.8% 50
Mooloolaba $1.44 M 47.9% 44
Buderim $1.08 M 43.4% 33

Selected examples of Sunshine Coast homes purchased in the price range of $1.5 million – $3 million in September include:

  • 15 Sunset Drive Noosa Heads (4 bedroom, 3 bathroom, pool and separate studio dwelling on 647m2 block in Weyba Park area, a convenient location within Noosa) – purchased for $1.73M
  • 2 Attenuetta Place Noosaville (4 bedroom, 2 bathroom, pool and renovated home on 1055m2 near Lake Entrance Boulevard) – purchased for $1.867M
  • 2/7 Elizabeth Street Noosaville (4 bedroom, 3 bathroom, pool and renovated duplex in quiet street near Gympie Terrace and Noosa River) – purchased for $3M
  • 15 St Martins Terrace Buderim (6 bedroom, 4 bathroom, renovated with ocean and mountain views on 894m2) – purchased for $1.7M

Buyer sentiment

Buyers are continuing to exercise caution in their purchases, however some confidence may be returning to the market. Properties which are priced right and are in the lower $1s price range continue to sell easily.

There are still relatively low stock levels as evidenced by the listings of ‘under 30 days’ (SQM snapshot below, August 2023). However speaking with various local selling agents, it seems that more vendors are feeling a little more confident to list their properties in the traditionally popular spring selling season given that interest rates have somewhat settled.  

Source: SQM Research 

Examples of homes we’re checking out:

  • 21 Elanora Terrace Noosa Heads – 4 bedroom, 3 bathroom home in the Cooloola Estate, an increasingly popular area due to its great location in Noosa Heads (being sold via Auction on 30th September)
  • 13 Orcades Street Sunrise Beach – 4 bedroom, 2 bathroom renovated home in a quiet Street and walking distance to the beach (being sold via Auction on 4th October)
  • 35 Woodlark Rise Sunrise Beach – 4 bedroom, 3 bathroom renovated home with ocean views – was due to be auctioned but now listed at offers over $2.65M
  • 3 Yallara Court Noosa Heads – beautifully renovated 4 bedroom family home in Cooloola Estate – being sold via negotiation (no formally listed price)
  • 17 Shields Street Tewantin – renovated Queenslander in a quiet street in ‘old Tewantin’ on 812m2 (being sold via Auction on 6th October)

Rental market update

Vacancy rates for the last month on the Sunshine Coast were reported by SQM Research to be 1.3%, compared to the previous month of 1.6%.

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).

Sunshine Coast rental vacancy rates

Market Update Conclusion

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 report, please get in touch. You can also follow us on Instagram or LinkedIn.

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