Sunshine Coast land values: Valuer-General valuations reveal 28% growth in two years

One Sunshine Coast suburb’s land values soared by $250,000 in just two years, new data reveals. See the top and bottom 10 suburbs here:

The suburbs experiencing the biggest increases in land values across the Sunshine Coast can be revealed with some almost doubling over two years.

The state government Valuer-General’s latest valuations valued the Sunshine Coast’s 110,000 properties at $51.2bn with residential land accounting for $33.7bn.

Across the region there was a 28.4 per cent increase since 2019 but Parrearra emerged as the top suburb with land values jumping 80.7 per cent from $310,000 to $560,000.

The report said the increases were due to a lack of beachside properties, the growing number of interstate buyers and local buyers taking advantage of the rise in work from home amid the Covid-19 pandemic.

Major projects were also highlighted as a key factor, in particular spending at Sunshine Coast Airport and Maroochydore CBD.

Josh Dzufer and Jarrod Cramp of Sunshine Coast development company Nexus Building Group sold 1/10 Boorook St, Buddina for $2.7m in what was described as new benchmark for duplexes.

Ray White Mooloolaba and Kawana Waters director James Goldworthy said the latest statistics was another confirmation for how the Sunshine Coast’s property market changed since the Covid-19 pandemic.

Beachside suburbs recorded major changes with Warana and Buddina land values going up 80.6 and 79.3 per cent to $650,000 and $780,000 respectively.

Doonan in the Sunshine Coast hinterland went up 71.4 per cent.

Mr Goldsworthy said the updated valuations surprised many homeowners.

“Everyone is talking about it,” he said.

Some properties at Buddina had land valuations double. Picture: Brett Wortman

“My butcher who is in Buddina said his property valuation had doubled.

“The price growth has been well documented but I think a lot of people are surprised when they get it from the government.

“It’s not just the real estate agents or a fluke of a sale.”

Mr Goldsworthy said the price increases in Buddina were due to the development value in the land.

“What we’ve seen is properties being purchased to either be knocked down and rebuilt with another home or a duplex and then onsold,” he said.

“That’s what is pushing the value up – investors are seeing value because of what they can achieve in terms of redevelopment and resale.”

Meanwhile there were minor increases in land values at new developments such as Aura – with Baringa and Nirimba ‘s median land values increasing just over 10 per cent.

Originally published as Sunshine Coast land values: Valuer-General valuations reveal 28% growth in two years