CoreLogic data reveals Sunshine Coast suburbs with median house prices above $1 million

From the hinterland to the coastline and rapidly growing areas, property prices at 11 Coast suburbs have soared to above the million-dollar mark. SEE THE LIST

Tom Offermann Real Estate sold 2/38 Park Crescent, Sunshine Beach, for $5.1m in May, 2021. Sunshine Beach has the region's highest median property price.

Almost a dozen Sunshine Coast suburbs have joined the million-dollar club after having median house price increases of up to $300,000 in 12 months.

CoreLogic’s inaugural Million Dollar Markets report showed 11 Sunshine Coast suburbs reached the million-dollar median property price in the year to May 2021.

Buddina had the highest increase with prices going up by $305,070 to $1,283,111.

The report revealed 892 suburbs across Australia had a median value of $1m or more, an increase of 218 markets.

It said regional Queensland results were skewed by the rapid ascension of the Gold and Sunshine Coast markets.

“Queensland is the only state where the combined regions have a similar number of million dollar suburbs to its capital city,” the CoreLogic report said.

“There are 51 suburbs across Brisbane with a median house value of at least $1 million, compared to 46 house and unit markets across regional Queensland, driven by the popularity of the Sunshine Coast and the Gold Coast.”

Teneriffe is Brisbane’s most expensive house market with a median value of $2,063,937. This is only slightly higher than the highest median house value across regional Queensland, held by Sunshine Beach at $1,924,577.

Sunshine Coast suburbs take out four of the five highest median house prices in regional Queensland, with Sunshine Beach, Castaways Beach, Noosa Heads and Noosaville the top performers.

Tom Offermann Real Estate sold 2/38 Park Crescent, Sunshine Beach, for $5.1m in May, 2021. Sunshine Beach has the region's highest median property price.

CoreLogic’s head of research Australia Eliza Owen said while there were upsides to the current boom, it also created difficulties for first home buyers.

“For first home buyers, who tend to be more price sensitive, higher house prices and the volume of suburbs becoming million dollar markets are likely building on the challenges already faced by these prospective buyers around home ownership and affordability,” Ms Owen said.

“The latest ABS finance data reinforced this, showing April marked the third consecutive month of decline in finance secured for the purchase of property by first home buyers.”

Newcomers:

These 11 suburbs had median house and unit prices of more than a million dollars as of May 2021, according to CoreLogic data.

Buddina: Increased $305,070 to $1,283,111

Alexandra Headland: Increased $271,006 to $1,255,263

Doonan: Increased $298,000 to $1,208,151

Noosa Heads (units): Increased $289,021 to $1,199,164

Mooloolaba: Increased $153,763 to $1,141,590

Mons: Increased $205,161 to $1,139,163

Bokarina: Increased $252,700 to $1,134,890

Twin Waters: Increased $182,446 to $1,055,464

Moffat Beach: Increased $241,807 to $1,038,086

Yaroomba: Increased $189,121 to $1,031,080

Sunshine Beach (units): Increased $236,969 to $1,018,605

Mudjimba: Increased $230,452 to $1,006,143

Diddillibah: Increased $204,163 to $1,004,662

Pelican Waters: Increased $211,150 to $1,004,445

Originally published as CoreLogic data reveals Sunshine Coast suburbs with median house prices above $1 million