The Sunshine Coast is the most expensive real estate market to buy into in Queensland and the fourth most expensive in Australia, according to a property data report.
CoreLogic’s August regional market report for the quarter ended July put the median sales price for Sunshine Coast homes at $1,044,462.
The Sunshine Coast median pushed the Gold Coast into second place in the state with a median of $1,007,029 and Brisbane third with $882,467.
Sydney, where the median sales value was $1,120,106, was the only capital city in Australia ranked more expensive than the Sunshine Coast.
Byron Bay, the highest-priced property market in Australia with a sales median of $1,929,024, Bowral-Mittagong with a median of $1,121,896 and Sydney were the only regions more expensive than the Sunshine Coast.
The Sunshine Coast has recorded a median sales price growth of 71.4 per cent over the past five years, putting it in Queensland’s top five price growth areas along with the Gold Coast (81.5 per cent), Hervey Bay (78.9 per cent), Maryborough (78.6 per cent) and Gladstone (71.6 per cent).
The CoreLogic report noted regional and capital city median sales price growth of 1.3 per cent and 1.8 per cent for the quarter. The Sunshine Coast was little behind at 1.2 per cent, although it had recorded 9.5 per cent growth for the 12-month period.
Real Estate Institute of Queensland Sunshine Coast chair Matt Diesel was wary of the figures, saying medians were not always reflective of the full picture and CoreLogic’s interpretation of the Sunshine Coast was likely to have been based on the coastal strip.
The CoreLogic regional market report data is based on 50 Australia Bureau of Statistic areas. The ABS Sunshine Coast area includes Sunshine Coast and Noosa coastal areas and Noosa hinterland.
Although it includes towns such as Palmwoods, Landsborough and Beerwah, it does not include other Sunshine Coast hinterland areas such as Maleny, Montville, Flaxton, Mapleton, Conondale or Kenilworth.
Mr Diesel could not see demand from interstate buyers for Sunshine Coast property easing because of the region’s price ranking.
“I still find with our interstate cousins and New Zealand cousins, interest is very strong. I know that markets have slowed – they are not as aggressive because they want their sales first,” Mr Diesel said.
“The sales, where they are moving for work or moving due to schooling, they’re working to a deadline, and off the back of spring is when we see the most activity in their market.
“They want to be here for the start of school term or here for work in the new year so they’re working to a deadline.
“The period from February to September was a slow period off the back of interest rates and we could see a little bit of movement in the market but I think the back half of the year will pick up.”
The cheapest region to buy into in Australia was Port Pirie, in South Australia, with a median of $241,112, although some buyers appear to have already cottoned on to it, pushing prices up 9.1 per cent in the last year.
The Kingaroy area had the lowest-priced market I Queensland with a median of $389,413, but that had also grown by 13 per cent in a year.
Although the Sunshine Coast’s median sales price was higher than that of the Gold Coast-Tweed Heads, its rent was cheaper.
The median weekly rent on the Gold Coast was $832, compared to $772 on the Sunshine Coast. Brisbane was the next dearest at $660, although Yeppoon was not far away on $655.
Byron Bay’s median rent of $1084 was the most expensive in Australia, followed by Karratha in WA on $1045. Whyalla, in SA, had the nation’s cheapest median rent of $365.
Auction results
20/85 Picnic Point Esplanade, Maroochydore
- Sold under the hammer for $2.26m
- 3 Bed, 2 Bath, 2 Car
- Ray White, Niall Molloy and Ari Whisson
12 Sunpointe Street, Maroochydore
- Sold immediately post-auction for $1.315m
- 4 Bed, 2 Bath, 2 Car, Pool
- Ray White, Pam Thomas and Megan Murray
107 Karawatha Street, Buderim
- Sold prior for $1.221m
- 5 Bed, 2 Bath, 2 Car, Pool
- Ray White, Will Van den Dungen
206/14-20 Aerodrome Road, Maroochydore
- Passed in at $830,000, contact agent
- 2 Bed, 2 Bath, 1 Car
- Ray White, Reuben Park
18 Pangali Circuit, Birtinya
- Passed in at $1.6m, contact agent
- 4 Bed, 3 Bath, 2 Car, Pool
- Ray White, Jacob Hussey and Brent Higgins
11 Vaughan Avenue, Maroochydore
- Sold under the hammer for $945,000
- 3 Bed, 1 Bath, 1 Car,
- Ray White, Hayden Kehoe
31/19 Memorial Avenue, Maroochydore
- Sold under the jammer for $1.85m
- 3 Bed, 2 Bath, 1 Car
- Ray White, Reuben Park
1/15 Fifth Avenue, Maroochydore
- Sold prior for $950,000
- 2 Bed, 1 Bath, 1 Car,
- Ray White, Pam Thomas and Megan Murray
2 Sundown Close, Tanawha
- Passed in at $1.7m, contact agent
- 5 Bed, 3 Bath, 2 Car, Pool
- Ray White Jake Loiero
10/40-44 Picnic Point Esplanade, Maroochydore
- Sold under the hammer for $985,000
- 2 Bed, 2 Bath, 1 Car, Ray White, Niall Molloy and Ari Whisson
1/36 Mayfield Street, Alexandra Headland
- Passed in, on the market for offers above $3.75m
- 4 Bed, 3 Bath, 4 Car, Pool
- Fletcher Riley, Alan Riley and Rebecca Fletcher
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