- The number of available properties for sale and rent at 10 year lows.
- Vacancy rate at 0.4%, lowest in more than 15 years.
- Strong sales driven by local buyers, not interstate.
- Median weekly rent for three-bedroom house up 6.5% to $490 p/wk.
- Median weekly rent for two-bedroom unit up 8% to $410 p/wk.
The sunshine is in short supply, with sales at a 10 year low on the Sunshine Coast.
Fewer properties have been listed for sale, with local buyers driving the market.
Image Property’s Matt Nickerson said in a statement:
“Local buyers are out in force, competing strongly for the few listings available.”
Though interstate buyers are in the market, Mr Nickerson said the outside interest is, “motivating local buyers to make their move sooner rather than later.”
The all-time low interest rates are also driving the number of buyers keen to close on the coast, but strong demand is leading to significantly higher prices.
Renters-to-be are also finding it tough, with occupancy rates at a 15 year low of 0.4%.
Undersupply in the Sunshine Coast rental market is also driving prices up:
“According the Residential Tenancies Authority, the median weekly rent for a three-bedroom house on the Sunshine Coast is up 6.5%.”
A two-bedroom unit is also up, costing almost 8% more in weekly rent.
The supply issue was not triggered by the pandemic, Mr Nickerson said:
“… the coast rental market was undersupplied long before the pandemic, partly because of our strong local economy and major infrastructure program.”
With a coastal cottage costing more, The Sunshine Coast certainly seems the place to be.