Sunshine Coast property market: Why long time homeowners aren’t selling

While property prices soar on the Sunshine Coast local homeowners have revealed why they’re refusing to cash in on million-dollar profits and repeated offers from developers.

Sunshine Coast homeowners sitting on seven-figure profits are refusing to sell their beloved homes while others are snapped up around them for figures they would have only dreamt of decades ago.

Property values have soared throughout the region which now has a median house price of about $1.1m.

With demand for homes peaking off the back of a population boom some residents have revealed why they’re not tempted to chase big sales.

Bradman Ave homeowners of 30 years Bruce and Ann Muller this week rejected a third developer who wanted to buy their home to build units.

“I wish developers would leave us alone,” Mr Muller said.

Bruce and Ann Muller are refusing to sell their home to developers while sales boom and unit complexes are being built around them on Bradman Ave, Maroochydore. Photo: Patrick Woods.

Mr Muller – a Maroochydore RSL and Coastguard Mooloolaba member – said he and wife Ann could not find anything on the market that suited their needs.

But staying meant “units going up all around you”.

“It’s just greed,” he said.

“They need to leave people alone, go and find vacant blocks or houses that have been empty.

“I’m 70 next month, my wife is 67, this is where we want to retire, we want to stay.”

Bruce and Ann Muller have lived at Bradman Ave, Maroochydore since 1996 when they bought their home for $62,500. Photo: Patrick Woods.

Sunshine Coast Council data showed there were 51 applications for unit complexes last year and 131 for dual occupancies – or duplexes – up from 21 a decade ago.

RM Developments director Remi Rafter said a lack of developable land made it “extremely difficult” and left developers with few options but to redevelop existing homes.

According to the state government the Sunshine Coast had 3.1 years worth of land supply for new lots and Noosa just 1.2 years worth.

“There are zoning parameters – as there should be – and suitable land is tightly held and difficult to purchase,” Mr Rafter said.

RM Developments director Remi Rafter explained it was “extremely difficult” to develop housing and units because of a lack of suitable land on the Sunshine Coast.

He said demand had outstripped supply in recent years and he did not see that changing in the next 18 months.

Most vacant land was flood-prone, rural or was national parkland or had other environmental restrictions, he said.

“We strongly support that … the challenge, though, is to provide accommodation solutions for our region’s rapidly increasing population and, in many cases, that means considering existing homes for redevelopment,” Mr Rafter said.

Mr Rafter said another factor was locals being reluctant to sell because they would have to buy in the current market.

Carwoola Cres residents Geoff and Marie Heath purchased their Mooloolaba home in 2000 for $462,000, and said they had no interest in leaving.

Mr Heath said while they looked at downsizing they could not find a property that suited them.

“We’re in a good location, relatively close to the beach with good facilities and I don’t think we can replicate that elsewhere,” he said.

He said the home had served as a place for their children and grandchildren to stay on holidays.

While they hadn’t received direct offers Mr Heath said letters from real estate agents had increased in the past 12 months.

Most Carwoola Cres homes have sold for well in excess of $2m in recent years, with 33 Carwoola Cres setting a street record of $7.27m in May, 2021.

David and Judith Bell were in a similar position at Ann St, Dicky Beach, where they purchased their home in 1991 for $120,000.

An original beach shack across the road, 5 Ann St, recently sold for $1.75m after being owned by one family for 52 years.

“I’ll probably leave here in a box,” Mr Bell said.

Mr Bell said they loved the area and didn’t see the value in selling and buying elsewhere on the Sunshine Coast.

There are similar examples of homes not changing hands for decades in other sought after areas, such as one home at Seaview Tce, Sunshine Beach, which the current owners bought for $345,000 28 years ago.

An original beach shack at 5 Ann St, Dicky Beach sold for $1.75m after it was listed for sale for the first time in 52 years.

Meanwhile another home at Yaringa Ave, Buddina, last sold in 1979 for $33,500.

Mr Rafter said older suburbs were in most demand for developers such as Alexandra Headland, Bokarina Beach and Caloundra beach suburbs.

“Whether we like it or not, people are going to relocate to the Sunshine Coast because of the same reasons we choose to live here,” Mr Rafter said.

“Somehow, we must provide these newcomers with somewhere to live.

“As long-term Sunshine Coast residents we appreciate and do everything we can to preserve the things that make the Sunshine Coast a wonderful region.”