Sunshine Coast, Noosa property: New data reveals house and unit values

New data reveals the value of Sunshine Coast and Noosa homes as interest rate increases start to bite and the property market slows.

One Sunshine Coast resident is grateful her family took advantage of the booming property market last year, while another is considering her next move following another cash rate hike.

The Reserve Bank of Australia lifted interest rates by another 25 basis points on Melbourne Cup Day, bringing the cash rate to 2.85 per cent.

Yandina Realty sales consultant Lauren Sorrentino said the Sunshine Coast property market was still strong even though people were worried as the RBA increased the rate for the seventh consecutive month.

“They’re waiting to see what’s going to happen, so interest rates have definitely scared people,” she said.

“Obviously the media, as well, does push the whole drama of the price hikes.”

Yandina Realty sales consultant Lauren Sorrentino says the Sunshine Coast property market remains strong.

However, for Valdora resident Crystal O’Rourke the reality of the rate increase was biting as her family considered building another dwelling on their property to generate income from a long-term renter.

Ms O’Rourke, who has a baby, said returning to work was also a possibility.

Some residents are starting to feel the bite of the seventh consecutive month of interest rates increases. Picture: Brett Wortman

She bought the home in 2019, before the Covid-19 pandemic caused the Sunshine Coast property market to skyrocket.

REA Group property data showed that Tanawha was the only Sunshine Coast or Noosa suburb to record a decrease in value, of 1.8 per cent, between October 2021 and October 2022.

Sunshine Coast and Noosa homes mostly remained more valuable in October 2022 than at the same time last year.

Noosa Heads has recorded a major drop of 42.5 per cent in the median house price in the past three months, but the median house value in October 2022 was still $2.25m compared to $1.5m in October 2021.

A move from Coolum Beach to Woombye means Katrina Lawrence and her family are mortgage-free.

Woombye resident Katrina Lawrence, 37, moved from Coolum Beach in 2021, making her family mortgage-free.

“We took advantage of the market at its peak,” she said.

Ms Lawrence said their Coolum Beach house sold within three hours for more than $200,000 over the asking price.

She said her life was better and she loved living in Woombye even though she sometimes missed parts of the coastal town.

“We both still work because we like to work but we don’t feel the angst around needing to always pay the mortgage,” Ms Lawrence said.