This week the Real Estate Institute of Queensland (REIQ) released their QLD Market Monitor for the December Quarter, and the news is very good indeed for property owners on the Sunshine Coast as a whole, and in Mount Coolum, with strong price growth outstripping our capital city Brisbane.
AT A GLANCE:
The Sunshine Coast and Gold Coast were the two strongest performing markets in Queensland in 2017. The 2018 outlook of these markets is promising and driven by solid economic fundamentals and infrastructure investment.
Over the past year, the Sunshine Coast was the state’s second-best performing house market, with median house prices growing 6.4 per cent in 2017, to reach an annual median of $569,000. Based on 2017 annual figures, the Sunshine Coast SD unit market grew a moderate and sustainable 3.9 per cent, to an annual median unit price of $415,000.
The economic fundamentals, particularly infrastructure projects creating job opportunities, remain solid. The job market is one of the strongest in the state, with unemployment at 4.8 per cent in December 2017.
The Sunshine Coast SD has been the star performer over the December quarter, with consolidated vacancies of 0.7 per cent. Generally, the coastal-lifestyle markets such as the Sunshine Coast continued going from strength to strength and saw vacancies tightening over the quarter. This market operates in the tight range, with rental demand exceeding supply.
The median annual price is $647,500 a 14.6% increase from the median annual price the previous year of $565,000, and a 42.3% increase over five years where the median sales price was $455,000.
Unit & Townhouse Sales:
The median annual price is $395,000, up 2.5% from the previous year at $385,000, and a 19.7% growth over five years from $330,000. To find out more, including information on the rental market, contact us for a copy of the full report.