The Queensland property market is experiencing a boom across all regions, with the past month seeing regional Queensland rise by 1.5%; however, the 12-month gain is a fantastic 20.8%!
Historically, the median sale prices of properties in Queensland have been relatively stable with a gradual increase.
Unlike other states in Australia, Queensland’s housing market defied the economic predictions caused by the COVID-19 pandemic and managed to thrive in 2020. In her December 2020 Quarter analysis, REIQ CEO Antonia Mercorella highlighted that the rise in prices and interest in Queensland’s property market could be attributed to strong interstate migration, especially in areas such as Sunshine Coast and Gold Coast. This boom has resulted in the property market for 52 out of 56 (93%) regional Local Government Areas (LGAs) recording positive annual growth. 1
Only an hour north of Brisbane, the Sunshine Coast has long been an ideal location for people chasing a beach lifestyle while still looking for proximity to a major city.
The COVID work-from-home craze has seemingly accelerated demand for this lifestyle, with vacancy rates in such locations at decade-low levels. 2
Director of The McGill Group, Mark McGill, said 2021 is an excellent year to buy property on the Sunshine Coast.
“2021 is as good a year as any, prices always look cheaper in retrospect, and given the limited stock and the high desirability of the area there is no sign of things slowing down anytime soon,” said Mr. McGill.
Principal of Hugo Alexander Property Group, Adam Nobel, said the Sunshine Coast was experiencing a massive boom.
“Buyers from New South Wales and Victoria are flocking north for a better lifestyle, due to COVID and the ability of more and more people being able to work remotely,” said Mr Nobel.
The Sunshine Coast is one of the hottest property markets right now as Queensland enjoys the highest interstate migration rates in the country. And why not, when this beautiful area is experiencing steady population growth, low vacancy rates, and significant government spending on infrastructure.
The Sunshine Coast is building a new economy based on a clear 20-year economic plan, which presents investors with multiple opportunities and opens new avenues for business growth, development and expansion. According to the Sunshine Coast Investment Prospectus, this economic plan discusses accessibility to markets, proposed new infrastructure, a highly-skilled workforce and idyllic lifestyle being the winning combination that is attracting national and international investment. As a result, many outstanding businesses have already chosen to call the Sunshine Coast home.
Significant capital investment is already underway. A new city centre – the only greenfield CBD in Australia at this time – will be established in Maroochydore, and the new A$1.8 billion tertiary teaching hospital opened in 2017. The Sunshine Coast Airport will expand to deliver Australia’s next international airport, and an A$81 million expansion of the University of the Sunshine Coast was completed in 2015. More than A$2.5 billion in direct investment has been committed across these four major projects, in addition to significant private investment fuelling growth in a number of high-value industries across the region.
This is an important time in the history of the Sunshine Coast as the region becomes a major Australian urban and economic centre. 3