Sunshine Coast, Noosa property: House prices surge past Melbourne
Sunshine Coast house prices have outstripped Melbourne on the back of ‘dramatic’ growth with the region now ranked as one of the best markets in Australia.
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Forget the trendy cafes, graffitied streets and its AFL mad residents – Sunshine Coast house prices have now overtaken Melbourne fuelled by “dramatic” growth in the region, new data reveals.
The latest Core Logic data and analysis from Ray White chief economist Nerida Conisbee revealed Sunshine Coast median house prices had surged past Melbourne and were on course to break into the $1m club.
The data showed how much the region’s median house prices had grown during the Covid-19 pandemic, from March 2020 to now.
Some of the best performing suburbs included Minyama (up $770,000), Chevallum (up $650,000), Doonan (up $492,500) and Golden Beach (up $197,500).
As a whole, the Sunshine Coast’s median house prices increased by 48 per cent to sit at $968,308 compared to 27.2 per cent increase in greater Melbourne ($941,000).
The region trailed only greater Sydney ($1.3m), Illawarra ($1.01m) and Canberra ($1m) on the national list.
Ms Conisbee said prior to the pandemic, no regional area had house prices more expensive than Melbourne, and now there were three including Illawarra and Richmond.
She said the Sunshine Coast was now ranked as the top Queensland area, higher than the Gold Coast ($939,000) and greater Brisbane ($681,000).
Ray White Caloundra principal Andrew Garland said the “dramatic” increase came as no surprise.
“It’s deserved given how popular it is, it’s paradise here,” Mr Garland said.
“If you look at the Gold Coast, it’s very deep, some parts are a long way from the ocean. But here the strip is quite narrow, almost everywhere is close to the beach.
“People are willing to pay for that proximity to the ocean.”
Since the pandemic started, Mr Garland said the southern market had been dominated by local or Brisbane buyers.
He said Melbourne buyers had tended to flock to the likes of Noosa and Sunshine Beach.
Mr Garland predicted the market to eventually plateau.
“Fundamentally, people are moving here for lifestyle reasons, so that migration to the Coast can keep it running positively,” he said.
“I don’t believe the growth rate is sustainable and it might decrease but I don’t think the market will fall.”
In December last year Mr Garland negotiated the sale of a 1970s beachside home that attracted nearly 30 registered bidders at auction.
The Stewart Way, Shelly Beach three-bedroom, lowset brick home about 100m from the water sold for $2.3m.
At the weekend he sold a six-bedroom King St, Kings Beach property that “exceeded expectations” at an in-house auction for $2.7m.
Mr Garland said they were two examples of the market continuing to be a success.
It comes following research that showed Caloundra had grown by 90 per cent in the past decade, to sit at house prices at 13.1 per cent higher than the local average household could afford.
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