Sunshine Coast supply hits decade low as locals flood the market
Property and rental prices in the Sunshine Coast have been pushed up rapidly as market volatility threatens to deplete stocks.
According to SQM Research, the number of properties available for sale on the Sunshine Coast hit a decade low of 7,252 in December, compared with 12,230 in 2010.
The situation on the rental market is even more extreme, with vacancy rates falling to a 15-year low of 0.4 per cent in December, down from an April high of 2.4 per cent.
According to Image Property Sunshine Coast sales agent Matt Nickerson, the strong sales market was largely driven by local buyers on the back of favourable interest rates.
“Local buyers are out in force, competing strongly for the few listings available,” he said.
“We do have a lot of enquiry from interstate, and quite a few sales, but this is actually motivating local buyers to make their move sooner rather than later.”
Local buyers are creating a sustainable marketplace, Mr Nickerson opined, one that has also been propped up by the strong local economy and a fairly major infrastructure program.
However, potential buyers are advised to exercise caution.
According to Mr Nickerson, the low levels of stock, combined with multiple offers, could create an environment that will see property prices soar.
Research from the Residential Tenancies Authority (RTA) recently revealed a 6.5 per cent increase in the median weekly rent price for a three-bedroom house on the Sunshine Coast to $490 per week over the year ending December 2020.
Over the same period, the rental price of a two-bedroom unit added nearly 8 per cent, climbing $410.
Moving forward, the agent said that “research is key for anyone keen to secure a slice of coast real estate”.
He encouraged buyers to act quickly as days on market continue to decline.
“Research is key for anyone keen to secure a slice of coast real estate at present as well as acting quickly when a property comes on the market as it won’t last long.”
More from this writer:
-
Why it’s still worth selling – even in lockdown
-
Over 200 Perth suburbs see winter price growth
-
Auction volumes on their way back up
-
Low interest rates drive record refinancing
-
Tassie’s own $20k HomeBuilder grant finds early success
-
Capital cities see stronger auction success
-
2020 vs 2021: How lockdowns have impacted the market