How much the value of your Sunshine Coast house will be worth in 2025

The Sunshine Coast property market has struck overdrive with median house prices forecast to reach $1m as owners across the region ask themselves whether to cash in now or wait.

Homeowners across the Sunshine Coast are grappling with whether to cash in now or sit it out with median house prices tipped to hit $1m in just a few years.

A new property report revealed the Coast was forecast to be the first of the South East Queensland region to grow to a median house price of more than $1m by 2025.

The report, Australian Housing Outlook 2021-2024, was compiled by BIS Oxford Economics and sponsored by QBE Lenders’ Mortgage Insurance.

It showed the Sunshine Coast’s median house price for June 2021 was $830,000, compared to $815,000 for the Gold Coast and $684,000 for Brisbane.

On the back of accelerated growth, the report forecast the Sunshine Coast to have a median house price of $986,000 by June 2024 and continue to rise, compared to $915,000 for the Gold Coast and $806,000 for Brisbane.

The report said the demand for the Sunshine Coast and Gold Coast had strengthened significantly in the past 12 months on the back of interstate migration.

HOME Sunshine Coast principal Jay Sherwell said he had never experienced such a high demand coupled with a serious lack of supply.

Mr Sherwell, who has been selling real estate for 15 years, said he knew hundreds of sellers who were reluctant to part ways with their property.

“There are a lot of people out there that really do want to sell and cash in on the market being at an all-time high, but there is no ultimatum for them, so there’s a reluctance to sell,” Mr Sherwell said.

“We can entertain vendors but the off-market world is non-existent.

“It’s OK for the people who have two properties, they just move into the other, but there is such a lack of supply.”

Mr Sherwell, whose company recently opened a second office at Buddina, said he saw the appeal in cashing in on the booming market but also for holding off.

He predicted the upwards trend to continue.

“There’s too much prosperity on the Sunshine Coast right now, I think the demand will continue,” he said.

“The airport, the hospital, the brand new CBD coming out of the ground, all these new infrastructure projects.

“People aren’t just coming here for the lifestyle.”

Former property manager Heidi Davies and husband Wes recently finished a knock-down rebuild at Bokarina as a dream home.

The couple had last year sold a home on Oceanic Drive, Wurtulla just prior to the pandemic.

Mrs Davies said it was a risk to sell when they did, however, she said they were “over the moon” with the result.

The pair bought and sold through Ray White Maroochydore agent Adam Budd.

The Davies’ new five-bedroom family home at Bokarina which was a knock-down rebuild.

Mrs Davies said they originally had concern about sinking money into a new build given the uncertain times, but the gamble had paid off.

“I remember saying, ‘Do we, don’t we?’, and in the end we found a place which is perfect for us,” Mrs Davies said.

“We bought a 780sq m home in a cul-de-sac for $780,000 and the guys behind us recently sold a similar place for $1.2m.

“It’s nuts.”

Mrs Davies said she, Wes and Willow, 6 and Laylah, 4, planned to stay in the house for at least the next decade.

“Every day we are so grateful to have bought at the time,” she said.

Mr Budd said the majority of sellers he dealt with were moving to outside the region.

The report forecast the Sunshine Coast prices to grow by 13 per cent in 2021/22 before slowing slightly in the next two periods.