Sunshine Coast property: New data reveals where house, unit prices have declined

Open homes on the Sunshine Coast have gone from having 100 people to about a dozen as new data reveals the suburbs where prices declined in the past three months.

Fewer buyers are on the hunt for properties on the Sunshine Coast with new data revealing the suburbs where prices are going down.

New research has revealed prices for houses and units have declined at some suburbs on the Sunshine Coast and Noosa in the past quarter.

Property analysis firm PropTrack found the biggest drop was at Noosa Heads where median unit prices fell 16.7 per cent to $1.4m, in comparison to the previous quarter.

It found median unit prices at Caloundra fell 16.6 per cent to $675,000 and Kings Beach declined 6.5 per cent to $648,750 while Sippy Downs dropped five per cent to $410,000.

In the house market Palmwoods declined 3.8 per cent to $820,000, Peregian Springs dropped 3.7 per cent, Doonan 0.8 per cent, and Sippy Downs 0.5 per cent.

Sippy Downs was identified by PropTrack as one of the suburbs where median unit prices declined. Picture: Warren Lynam

Real Estate Institute of Queensland Sunshine Coast chair Matt Diesel said impacts on Melbourne and Sydney markets were being felt locally.

“Sydney and Melbourne have had a flood of stock to the market so those houses aren’t turning over as quick as they have been,“ Mr Diesel said.

“In turn that is slowing down the rate of buyers coming from southern states to the Sunshine Coast.”

Mr Diesel said the majority of buyers in the Sunshine Coast’s market were local.

He said the region had transitioned into a “normal” phase, with homes and units now taking longer to sell.

REIQ Sunshine Coast Zone Chair Matt Diesel

“Days on the market are stretching out but the prices are maintaining, which is good,” he said.

“We still have buyers but last year what we were seeing was 100 people at an open home and now we’re seeing five to 10 people.”

The average days on the market for Sunshine Coast properties dropped to one to three days last year.

Mr Diesel estimated it may have increased to two to three weeks now.

“We’ve gone back to a normal market,” he said.

“Looking forward to the next five years, we know prices will go back up again but if there’s a speed bump along the way we don’t know.”

PropTrack report author Paul Ryan said Australian home prices fell in May, down 0.11 per cent, the first drop since the start of the pandemic and followed the first rate rise in early May.

The Reserve Bank of Australia raised the official cash rate again this week, by a higher-than-expected 50 basis points to 0.85 per cent.

Prices declined 0.29 per cent in Sydney and 0.27 per cent in Melbourne.

“Home price growth has slowed considerably in 2022 and is now falling nationally,” Mr Ryan said.

Originally published as Sunshine Coast property: New data reveals where house, unit prices have declined