The Sunshine Coast is one of the hottest property markets in Australia, as Queensland enjoys the highest interstate migration rates in the country.
The ‘Coast’ is also forecast to be the fourth-fastest growing region in Queensland over the next 20 years as it adds 125,000 new residents to reach a population of 525,000 by 2043.
The rapid and dramatic rise of Sunshine Coast house prices has seen the region’s median house price doubled in 8.5 years, according to the recent PropTrack Market Insight Report.
Median house prices are around $985,000 in 2023, compared to $492,500 in early 2015.
PropTrack director of economic research Cameron Kusher, said the local property market experienced faster growth than most places in the country.
“Sunshine Coast house prices doubled in a short time,” he said.
“Nationally, houses have taken 15.4 years to double. The Sunshine Coast only took 8.5 years”.
“Only 11 regions (out of 107 statistical areas) have seen house prices double faster than the national rate” – and the Sunny Coast is one of them.
“A lot of it has been driven by the very strong increase in property prices through the pandemic, when prices (for homes sold then) more than doubled in three years,” he said.
“More people moving to the region, more people investing in the area and limited stock for sale has driven prices higher.”
The facts are, people are moving to the Sunshine Coast faster than houses can be built, and so prices will continue to climb.
It is simple supply and demand. Huge demand and limited supply will always drive-up house prices.
But how much higher will Sunshine Coast properties increase in value?
Well, nobody can say with certainty, but with increased Federal government immigration policies, builders Australia-wide experiencing supply, workforce and liquidity problems, the continued migration of southerners to Queensland, and the rise of the Sunshine Coast as a destination of choice, it is hard to see why Sunshine Coast houses won’t repeat the average price growth experienced in recent times, and double again in the next 8 to 9 years or so.
That would mean the average Sunshine Coast house price will reach $1.97 million by 2032!
If this is the case, maybe the best time to buy your next investment property is NOW!