Powerhouse: Coast eclipses Goldie for market supremacy
FOR the first time in history the Sunshine Coast has out performed the Gold Coast in property market growth.
According to a new report by Real Estate Institute Queensland, the past quarter has delivered a huge housing boom for the region, propelling it to the leader of the pack.
The Coast property market recorded a 6.4 per cent growth annually, topping the Goldie, which delivered growth of 4.5 per cent.
REIQ CEO Antonia Mercorella said the Coast was the state's "powerhouse market" for the past quarter, claiming the title of the best annual performer in all areas analysed by the report.
"Overall, the Sunshine Coast, especially Noosa, is the leading market; overtaking the Gold Coast," she said.
"Noosa has become the most prestige market for houses and units in Queensland.
"Although it is a small market with only about 30,000 homes; it has become a very desirable destination for lifestyle living."
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Ms Mercorella said there were 1134 houses sold within the Coast and Noosa local government areas in the past quarter.
The median house price on the Coast hit $580,000 for a standard block and $684,000 for a block larger than 2400sq m.
"There have been some record-smashing sales on the Coast, especially in Noosa, since the beginning of the year," she said.
"With new buyers paying millions for homes that make the most of Noosa's laidback lifestyle and magnificent sea views."
The report found that the best performing house market in the Noosa Shire in the past quarter was Noosa Heads, where the median house price increased by 32.2 per cent to $1,190,000.
"Noosa is one of the top-five locations in Queensland where home ownership is overwhelmingly more popular than renting," Ms Mercorell said.
"According to Census 2016 data, about 71 per cent of homes are owned outright or with a mortgage compared to 62 per cent throughout Queensland."
In terms of the future, Ms Mercorella said the outlook for the Coast's housing market was positive, considering the investment in development and the popularity of the region.
"The future of the property market is dependent on the regional economy and employment market growing at least at the same pace as the population growth," she said.
DIVERSE MARKET BENEFITS REGION
THE Coast's fast-growing CBD has claimed the top title for the Coast when it came to property growth over the last three months.
According to the REIQ report, the best performing house market on the Coast, excluding Noosa, was Maroochydore which increased 7.2 per cent to $685,00.
Maroochydore was well about the annual median house price across the Coast, which increased 6.5 per cent or $35,000, to an annual median of $575,000.
While Maroochydore house prices continued to rise, the region's top five most-affordable suburbs remained consistent.
Nambour, Yandina, Burnside, Landsborough and Coes Creek have remained on the REIQ's most affordable suburb list for three-consecutive quarters, since December last year
REIQ CEO Antonia Mercorella said diverse economies would prove to the most resilient over the long term.
"This is because the headwinds that can scupper employment in one industry won't impact the entire region," she said.
REGION RANKS IN NUMBER ONE FOR UNIT PRICE PERFORMANCE
UNIT prices across the Coast have risen by up to 30% in the last three months, according to the latest report from REIQ.
Kings Beach was the best performer in the Coast unit market in the past quarter with its median unit price up by 27.4 per cent to $500,000.
While Noosaville was the best performer in the Noosa shire with its median unit price up by 5.8 per cent to $512,500.
REIQ CEO Antonia Mercorella said looking at the annual data, the unit market performance at both the Sunshine Coast and in Noosa was the strongest of all areas analysed in the report.
"The annual median unit price on the Coast increased 4 per cent for the past year, to $415,000 in June 2018," she said.
"In the case of Noosa, the annual median unit price increased a stunning 10.2 per cent for the past year, to $540,000."
Ms Mercorella said the unit price increases throughout the region were partly due to shorter days on the market and a smaller vendor discount in May this year compared to same time last year.