Market overdrive: 22 Coast properties sold a day

The Coast property market remained in overdrive with 22 properties sold per day. USE OUR MAP TO SEE WHICH SUBURBS HAD THE MOST SALES

DRONE: Aerial photos of Mooloolaba, Alexandra Headland, Sunshine Coast.

The Sunshine Coast property market has remained in overdrive despite a global pandemic, with 22 properties being sold a day over the past 12 months.

In the year to July, 5693 homes were sold on the Coast for an average price of $642,000, the latest realestate.com.au market trends data has revealed.

Overall for house sales, the market grew by 2.7 per cent in the past 12 months and 25.9 per cent for the past five years.

For the unit market, 2573 were sold at an average price of $448,000 at a 5.4 per cent annual increase and 19.5 per cent increase over five years.

Compared to 2018 where 11,077 properties were sold, the figures were down.

The impact of coronavirus restrictions was listed as the cause of the drop.

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But prior to that, the early predictions for the region, according to REIQ Sunshine Coast zone chairman Matt Diesel, had the Coast on track for a record breaking year.

"Property at the start of the year was tracking for the best year ever, it was ridiculous," Mr Diesel said.

"Seriously the best we had. We couldn't keep up.

"Before COVID-19 hit, the numbers were astounding."

Mr Diesel said the one downside was the frustration among buyers with the amount of stock available unable to meet the demand.

With 473 sales, the family-friendly suburb of Buderim had the majority of sales.

Buderim's median sale was price was $680,000 with a 3.8 per cent growth in the past 12 months.

Ray White Buderim director Brett Graham said the suburb had always been a stable market but its brand was transitioning from an older demographic to a younger family one.

"Buderim is a huge footprint, and massive on education, there are so many schools," Mr Graham said.

He said his agency's figures from March to April were "almost identical" to last year's.

 

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However, with the uncertainty of the pandemic remaining, Mr Graham said there was a confidence among buyers that might not remain.

"The pandemic gave people time to reflect on their lives," Mr Graham said.

"The feeling out there at the moment is that making transactions now, they're de-risking their future.

"There's confidence now but whether it will remain for two to three years' time (remains unseen)."

Mr Graham said the market had been strong since 2014 but its natural cycle probably meant the region was due for a change.

"Like everything, the industry has its ups and downs, but this pandemic is unique."

Mr Diesel said a clearer picture would be painted towards the end of the year.

"Things are evolving daily, everyone is watching Victoria.

"Property, or business, we are all watching to see how it goes.

"You have to factor in the when the government stimulus ends and the banks wind up mortgage easing, that will be a telling factor.

"Realistically none of us know.

"It could be the catalyst for a softening."

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