Buyers urged to ‘act now’ before prices soar

Buyers are being urged to get in fast as Sunshine Coast property prices are set to soar in the coming years, outpacing many of Australia’s capital cities.

HOT PROPERTY: Sunshine Coast property prices are set to increase by 7 per cent over the next three years. Mooloolaba is one of the highest-selling suburbs. Photo: Patrick Woods

A TOP Sunshine Coast real estate agent has urged buyers to get in fast before prices soar by 7 per cent in the next three years.

New data from the QBE Australian Housing Outlook 2019-2022 report shows the median house price on the Sunshine Coast is expected to rise to $635,000, outpacing many of Australia’s capital cities.

Stewart Property director Vicki Stewart said those numbers weren’t surprising, as “confidence” was returning to the local market.

“This last 12 months … was without doubt one of the most difficult,” she said.

“I definitely can see the market improving because stock levels are just so low, especially in the housing market.”

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Ms Stewart said while the growth would benefit investors, new buyers should lower their expectations and focus on entering the market.

“Stop trying to buy the big four-bedroom house and just get into the market,” Ms Stewart said.

“Even if you buy a two-bedroom unit somewhere and then renovate it, if you do that then you will definitely make money.

“The market … is not going backwards.”

Stewart Property director Vicki Stewart has urged buyers to get in fast. Photo: Erle Levey

QBE Lenders Mortgage Insurance CEO Paul White said the Sunshine Coast market would continue to benefit from internal migration, ensuring a steady source of demand.

“Population growth on the Sunshine Coast continues to be strong as it benefits from an ageing national population and attracting a younger family demographic to the region,” he said.

“These factors should see house prices firming over the next few years.”

Ms Stewart said Mooloolaba was the “hottest ticket in town” in regard to property sales, with land value the core of the suburb’s attraction.

“People are paying $785,000 for a house and knocking it down, so that sends a really strong message to the market about land value,” she said.

“Anything where you can walk to a beach is good real estate.”

The report found Brisbane was set for a period of strong growth, with the median house price forecast to increase by 20 per cent to 2022.

“The strongest forecast is for Brisbane, where a decade of modest price increases has left the market relatively affordable,” the report states.

“While the worst appears to have passed for the Sydney and Melbourne markets, upside over the next three years in those cities is expected to remain limited.”

Ms Stewart said with property stock levels so low, buyers needed to “get off the fence” and jump on a sale rather than waiting for a better option.

“If you see something you like start negotiating on it, because I think stock levels are going to stay tight,” she said.

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