Located in the growing Sunshine Coast suburb of Mount Coolum, this investment property was purchased Home Scouts for…
For Sydney-siders, the Sunshine Coast has always been a popular place to holiday and of course move to.
Some of the key reasons the Sunshine Coast is sought after by those living in the cities include:
- relaxed way of life and safe area for families
- weather and proximity to the beach
- ability to work remotely
If you’re looking to buy your next Sunshine Coast home and are currently in Sydney, now is a great time to be familiar with these key tips for buying your coast property and making a successful move.
1. Spring tends to be a popular time for sellers to list their Sunshine Coast properties
The busiest home buying market of the year here on the Sunshine Coast and in Noosa tends to be Spring – not only does a spring sale fit in well with vendor’s timelines and plans, but the weather and climate is perfect, making gardens and homes even more appealing to potential buyers.
In Noosa and some other parts of the Sunshine Coast, there has been a general lack of housing supply coming to market over winter, but we’re seeing a slight increase in the number of listings over the Spring period. It is a more balanced market currently. Should the listings outweigh the buyer demand, this can create longer days on market and downward pressure on prices – a more advantageous position if you are a buyer ready to purchase, are patient and have good conditions (eg. cash buyer and flexible settlement terms).
2. Consider your long term plans before buying your Sunshine Coast home
Knowing first what you want to achieve from your Sunshine Coast home – whether that be investment return, lifestyle, renovation or other goals – is critical to understand before you even look at homes.
Holidaying in an area is not the same as living permanently there and many can get caught up in the romance of living by the beach when the reality may not be what they thought it would be.
3. Be sure about your property budget and borrowing capacity
Interest rates have settled for now, but the increases earlier in the year has resulted in reduced borrowing power for many people looking to purchase a home and reliant on a loan. Make sure you speak with your mortgage broker or lender before checking out homes, to know exactly what budget you can afford for your Sunshine Coast property purchase. Be aware of those ‘hidden’ costs in purchasing a property – from conveyancing, to building and pest and also stamp duty in Queensland – they all add up and impact how much you can actually offer on a Sunshine Coast home.
4. Be clear about the lifestyle you are looking for on the Sunshine Coast
Different parts of the Sunshine Coast offer very different lifestyles – and this is one of my first questions when I start working with clients, so that we are very clear on what area, suburb and even street/s would best suit them and what they are looking for. Do you want to be able to walk to the beach, or river, or be near shops and cafes / restaurants? Or do you prefer to live in a quieter area / street? If you have school aged children, do you know what school you want them to attend? There are many elements to this question, and critical to be clear about the lifestyle to not make a home purchase that you later regret and be a costly mistake.
5. Orientation and home design for warmer months on the coast is key
Over summer, the Sunshine Coast and Noosa can get very hot and humid, and orientation as well as design and features make ALL the difference to lifestyle and not spending the summer sweating through the heat. Sunshine Coast Council released a great design guide to maximise cool homes in our subtropical climate full of handy tips for home buyers and renovators alike.
6. Make sure you do your due diligence
Whether you’re a first-time home buyer or an experienced investor, a due diligence checklist is as critical a part of your property purchase as the search, offer strategy and settlement.
For homes, examples of just some of the details you should investigate (among many others) include easements, bushfire risks, flooding, landscape, noise impact and nearby proposed developments / change of zoning. For units and townhouses, this would also include (among other things): accessing and investigating things like Body Corporate Records, Sinking Funds, Meeting Minutes, etc.
7. Consider engaging a local expert (particularly if you aren’t local yourself)
Buying a Sunshine Coast home or Sunshine Coast investment property is such a huge commitment and there really is nothing like local knowledge and experts who can provide much-needed home buying tips and advice and know the suburbs and streets where properties are positioned or designed well for our climate, or even help manage the process for you to ensure you save money or make the right purchasing decision that you won’t regret.
Best of luck with your move from Sydney to the Sunshine Coast!