Residents could be priced out of market as Nambour home sells for $1M

The sale of a Nambour home at more than $1m could lead to more residents being priced out of the market and worsen the homeless crisis, Saint Vincent de Paul has warned.

The sale of a Nambour home that cracked the $1 million barrier could lead to residents being priced out of the market and potentially be homeless, Saint Vincent de Paul has warned.

The property, 9 Pearl Parade, Nambour, sold last week in a transaction worth more than $1.1m through Remax Property Sales Sunshine Coast principal Tristan Brown.

Mr Brown said the sale could pave the way for more million-plus sales.

However, Saint Vincent de Paul’s northern diocese president John Harrison said he feared for the next generation trying to get into the housing market.

Mr Harrison said rising prices and the demand from a southern migration would lead to “many” million-dollar sales in the future.

“Nambour, like all the Sunshine Coast, has a chronic shortage of rental housing and it continues to get worse,” Mr Harrison said.

“The current vacancy rates are less than 1 per cent, so quite frankly it doesn’t matter if you are young or old it is incredibly difficult for anyone.”

9 Pearl Parade, Nambour has set a benchmark for the suburb after it became the first property in to sell for more than $1 million.

Nambour has long been considered one of the region’s most affordable suburbs for homes.

CoreLogic data for the June quarter revealed the suburb had a median house sale value of $533,393.

Mr Harrison said the rising house prices and rental shortage would lead to people being forced to look elsewhere.

“Homelessness continues to rise and with very substantial increases in rent, many current tenants in Nambour and across the Sunshine Coast will be forced to look elsewhere to live,” he said.

“This has already been happening and I would expect it to continue, due to the lack of affordable housing.”

Mr Harrison said affordable housing was a problem throughout the region.

He called for developers to be involved with councils and the state government to address the issue.

It comes after the Sunshine Coast Daily launched the Locked Out campaign, which aims to shed light on the need for affordable housing in the region.

Originally published as Residents could be priced out of market as Nambour home sells for $1M