Are you looking to buy a Sunshine Coast home or Sunshine Coast investment property and…
Sunshine Coast May 2024 home buyers and investors local market update
Here is our Sunshine Coast 2024 May market update, for those looking to buy a home or investment property on the coast.
Colliers, a leading commercial real estate advisory company, last week issued their Sunshine Coast Market update, and highlighted the growth of both houses and units in the southern end of the Sunshine Coast (Sunshine Coast LGA or “local government area”). In this part of the coast house prices have increased by 6% and units have increased by 8% overall over the past year.
This contrasts to the northern part of the Sunshine Coast, where in Noosa LGA’s residential market there has been a decline over the last 12 months, with houses declining by approximately 4% and units declining by approximately 15%. Colliers reports that this decline is largely due to the rising costs of living and consecutive interest rate increases.
Sunshine Coast LGA sees property price increases, while Noosa LGA sees property prices slow
The current market indicators in the Noosa region indicate that buyers who may have been priced out of this particular part of the market during the upswing of 2021/2022 may have an opportunity to try again – but under different market conditions that may be a little more favourable and less heated. Days on market according to realestate.com.au for Noosa Heads, sits currently at around 90 days which means that buyers have time to make considered, informed decisions. Â
Sunshine Coast outlook for property buyers
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The outlook remains very positive for the Sunshine Coast, and there are a number of key factors which will contribute to the development of this region. Some of these relate to population growth projections, infrastructure planned for the region, and associated potential zoning changes within particular parts of the coast.Â
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1.Population growth projections
The Sunshine Coast’s population has grown by 65% over the last 20 years, to be over 413,000 residents in 2022. The coast continues to be the most popular place for internal migration, according to the Regional Australia Institute’s Regional Mover’s Index and projections for future population growth for our region indicate that the most significant population growth is anticipated in the Sunshine Coast LGA (notably Caloundra and the Sunshine Coast Hinterland).
2. Infrastructure investment planned in the region
Below is a snapshot of just some of the key infrastructure current in progress (or complete) for the Sunshine Coast, which will contribute to the growth of the region (source: Colliers).
In addition, the following key projects will also be important for the region:
- the Sunshine Coast Mass Transit project may create significant investment opportunities in the region, notably in the precincts which are of closest proximity to this proposed corridor.
- The Sunshine Coast is slated to host nine Olympic events at the 2032 Olympics – including marathons, cycling (road and mountain bike), sailing, football, and basketball, across four major venues which will be spread across Maroochydore City Centre, Kawana Sports Precinct, Alexandra Headland and Parklands.
3. Potential zoning changes
The Sunshine Coast Regional Planning Scheme which is due to be released later this year, is anticipated to incorporate an expectation of height increases in Principal Activity Centre locations. When zoning changes, this can create a huge uplift for property prices. We are already seeing increased property demand and associated price growth in beachside areas in the southern part of the Sunshine Coast such as Buddina, Warana, Wurtulla and Bokarina, where zoning and density changes have commenced in particular pockets within each of those suburbs.Â
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Conclusion
The Sunshine Coast is a region with continued strong property investment prospects, in addition to the lifestyle features that will always appeal to many who want to live in this region.Â
By knowing where to buy, you can take advantage of areas with appreciating property values or up-and-coming neighborhoods that promise a good return on investment.Â
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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