The property market is looking sunny on the Sunshine Coast with the region expecting to build on gains made in 2016.
In fact, according to Domain Group’s chief economist, Dr Andrew Wilson, the Gold and Sunshine Coasts are the ‘stars of the Queensland property market’.
The Sunshine Coast’s median house price, now $555,000, grew by 4.4 per cent in 2016, driven by interstate and overseas buyers.
“The Sunshine Coast’s healthy annual growth suggests that the coastal region will remain a popular destination for buyers in 2017,” says Domain Group chief economist, Dr Andrew Wilson.
According to Louis Christopher, managing director of SQM Research, says vacancies on the Sunshine Coast are at 1.4 per cent while they are at just 0.9 per cent on the Gold Coast.
The BIS Shrapnel/QBE report says it is expected to benefit from its relatively better affordability compared to Melbourne, Brisbane and Sydney, attracting empty nesters and retirees from these cities. It forecasts that median house price will grow an aggregate 7 per cent in the three years to June 2019, to $575,000.
“The rate of price growth is expected to progressively slow in this period in line with slowing price growth in Sydney and Melbourne,” it says.
The Sunshine Coast property shows strong capital gains with CoreLogic’s latest Pain and Gain Report revealing nine out of 10 homes re-sold during the September 2016 quarter were sold at a higher price than their original purchase price, with an average gross capital gain of $262,672.
On the Sunshine Coast the median profit is $98,000 for a property held (on average) for 8.9 years, ranking the region the fourth fastest growing in state.
Several new major developments have also been announced for the region, including a rather unique ‘adventure and active lifestyle park’.
SANAD Capital recently submitted a plan to develop an adventure and active lifestyle park that includes the country’s pioneer human-powered monorail bike trail, bungee jumping, kayaking and other sports facilities. The venue is also set to have large outdoor spaces to hold events and concerts.
“The Sunshine Coast is undoubtedly one of Australia’s most beautiful regions, with amazing beaches, stunning sunlight and picturesque hinterland. [This park] will drive tourism and growth because people will visit from afar and realise how beautiful the region is and want to stay and return,” says Bradley Sutherland, CEO of SANAD Capital.
A $60 million beachside resort development is planned for Buddina.
Jason Hague, of Buddina Urban Development Group, announced today that settlement had been reached on six residential land lots for approximately $5.5 million.
Totalling 3,878sqm, the site will become home to the beachside apartment project known as The Hedge at Buddina.
Catering to the Sunshine Coast’s older population is a $28 million development at Meridan in Caloundra’s west.
Churches of Christ in Queensland is building a master planned campus on vacant Parklands Boulevard land. The $28 million first stage of the ‘Churches of Christ Campus Meridan’ will create a variety of activity spaces and services and will include multi-purpose community centre, café, seniors care accommodation and home care and support services.
This first stage of development will see approximately 1,000 contractors employed during construction and over 100 staff once the first stage is completed in late-2018.
The state-of-the-art residential aged care service will accommodate seniors in a series of themed cottage-style one and two storey buildings. The community hub will be available for local community groups and Meridan Campus residents to enjoy as part of the integrated community lifestyle. The hub includes a cafe, hairdressing salon and auditorium.