Updated for 2022 – 2023
The Sunshine Coast property market boomed and slowed. After the crazy rise in demand over the 2020 – 2021 period, the Sunny Coast property market is finally slowing down and with new developments and infrastructure on the cards, there will be opportunities to enter the market more affordably coming up. Finally. A slice of paradise is back on the cards.
What is there to know about the Sunshine Coast property market?
Despite some positivity, there are somewhat mixed reports about the feasibility of the Sunshine Coast property market. We would advise that you seek the opinions of your favoured mortgage broker or an outside source should this be an avenue you wish to pursue.
Some argue that this is prime real estate to tap into at the right time (on the horizon again). But don’t believe the hype about it being for the ‘newlywed and the nearly dead’. Ouch!
What we can see is a rapidly growing population, a tight rental market and a lack of housing creating a ‘perfect storm’ of investment opportunities. Leading real estate industry figure, John McGrath, indicated that “the Sunshine Coast presented one of the best opportunities for capital growth because of its liveability, affordability and future economic prospects.” Pretty impressive for what was once considered the sleepy northern cousin of Brisbane. This is an area that’s really coming into its own and investors are sitting up and taking notice. There are a number of infrastructure projects being undertaken in the region that will see this liveability carried on and enhanced into the 2020’s. Again, despite the carnage that 2020 wrought on the market, the Sunshine Coast looks to be adjusting to the new normal. There is, understandably, a lot of caution surrounding investment at this time but, after careful consultation with your buying agent, this seems like a risk that might end up paying off.
Currently (as of late 2022) we’re experiencing somewhat of a slowing to the explosion on the Sunshine Coast. After a whopping 10.2% over a year, the market is now in decline. While interest rates are on the rise, the market will soon be accessible again to the right buyer.
However, as recently as 2018, there were those who were predicting negative things for the Sunshine Coast property market. Again, it cannot be stressed enough – this article should be considered a rough guide only. Working with an appropriate, diligent team is to be advised at all times.
What should we be wary of?
Look back in time a little bit.
There are those who caution against investment, being fearful of the negative consequences of a trickle-down crash indicative of what may well occur in the larger cities like Sydney and Melbourne.
“However, the risk of a crash cannot be ignored given the danger that banks may overreact and become too tight and that investors decide to exit in the face of falling returns, low yields and possible changes to negative gearing and capital gains tax.”
This is still an area of concern for those would-be investors. A buyer’s agent might be a key investment.
Who is moving to the Sunshine Coast?
Given the sheer size of the region, there are unsurprising variances in population analysis when it comes to examining the Sunshine Coast.
This is a region with a population of over 350,000 and is classified as the 9th most populated city in Australia. It is one of the fastest growing regions in Australia and has seen at least a 1.2% growth each year over the past decade.
Many of those who live in the Sunshine Coast are white collar professionals. A similarly large group operate in the blue collar trade. There are 12.7% of working individuals who are involved in clerical and administrative employment, 12.2% are community and personal service workers and 11.9% are managers.
4.2% work in hospitals, 3.3% in hospitality, 2.7% in aged care, 2.7% in grocery and 2.4% in primary education.
There are a significant number of families with young children, families with teenagers and white collar professional couples living in this region. There is also an impressive number of retired (or close to) citizens who are pursuing a sea-change lifestyle at the close of their working years.
What is there to attract people to the Sunshine Coast?
This is the playground of south-east Queensland. It’s still got the old-world charm of yesteryear but it’s now littered with gorgeous cafes, impressive play spaces and wide open parkland designed to take advantage of the incredible weather.
Coolum offers café culture along with a beach-side vibe, making it very attractive for families and older couples. Caloundra is nestled beautifully near Bribie Island, poised for the creation of life-long memories. Noosa offers that ‘Paris of Queensland’ style vibe with world-class shopping and dining right beside the most stunning beaches and national parks.
In terms of attractions, the Sunshine Coast offers:
- Where the Gold Coast is the optimal destination for young adults, The Sunshine Coast is more geared toward families and older residents. The lifestyle is more conducive to happy childhoods than party animals!
- Steve Irwin’s Australia Zoo – home to an impressive array of animals (and Irwins!)
- Sea Life (formerly Underwater World) where you can be right there under the sea with an incredible array of animals. You might even get to view a Seal show!
- The Ginger Factory for a fun day out with all the family
- Family-friendly tourist attractions like Aussie World, Strawberry picking and the hinterland
- National parks
- Camping and caravan opportunities
- 4WD opportunities
There is plenty to see and do depending on your budget and your ability.
Anything else to know about the Sunshine Coast?
Be cautious of the Bruce Highway. It is absolutely notorious for congestion and crashes. This can impact commutes to and from Brisbane (or further north) and add a lot of frustration.
As a tourist destination, zoning can be more complex than the Brisbane region. The area is also pretty complex with beach, city and rural properties each facing different challenges for buyers. It’s recommended that you choose a local Sunshine Coast conveyancing solicitor as the Sunny Coast is built quite unlike any other region.
There are a number of great schools in the region offering the very best in primary and secondary education. Just because a school is small does not mean that it can’t offer exactly the same education you’d get at an inner-city private school.
Buying in Queensland? You need to read this.
Updated for 2023 by Janine Mergler