When we think about the Sunshine Coast, we usually see it as a holiday destination. But increasingly, people are relocating to the region to live and enjoy everything it has to offer, or they’re buying a holiday home to escape the rat race.
Regional areas have had a massive resurgence during the COVID-19 pandemic, and of all the regions around Australia, there are plenty of reasons to buy on the Sunshine Coast. Here are just 10:
Property prices are rising.
According to the Domain September House Price report, homes on the Sunshine Coast are growing in value significantly faster than Brisbane and the Gold Coast.
The region recorded house price growth of 28.7% over the year to the end of September, compared to 15.3% for Brisbane and 18.8% for the Gold Coast. Units on the Sunshine Coast grew by 19.2%, compared to -1.8% for Brisbane and 14.1% for the Gold Coast.
According to CoreLogic figures, over three months to September, the suburb of Moffatt Beach near Caloundra on the Sunshine Coast saw the highest growth in house prices in Queensland. Its median price rose 11.7% to $1.2 million over that period, increasing more than 40% over the past year.
Prices on the Sunshine Coast are also reaching record levels. In June, a Sunshine Beach house on a 2015sq m block set the record for the most expensive home ever sold in Queensland, at $34 million. That’s $7 million more than the second most expensive sale, which saw a Gold Coast mansion sell for $27 million last year. Earlier this year, Sunshine Beach also became the region’s first $2 million suburb, according to the Real Estate Institute of Queensland.
Meanwhile, in October, a Noosa Heads apartment broke the Queensland price record for this property type, selling at auction for $16.1 million, eclipsing the record set in May by the four-level Soul penthouse at Surfers Paradise, which sold for $15.25 million.
The renovated property at 5/81 Hastings Street was a four-bedroom, multi-level home with fantastic views over Noosa Main Beach and the hinterland.
It’s still affordable.
While there has been plenty of growth in the Sunshine Coast’s property market, it’s still affordable, particularly if you’re selling up in Sydney or Melbourne and relocating to the region. According to Domain figures, the median price for houses is $875,000, compared to $1,499,126 in Sydney and $1,037,923 in Melbourne.
If you sell and move from the southern capital cities, you can buy a bigger house on the Sunshine Coast and often have money to spare.
It has excellent future growth prospects.
On top of the growth, the Sunshine Coast has already seen, it looks set for more. As the region’s population grows, there will be further pressure on housing demand and competition for limited stock will drive prices higher.
The Sunshine Coast is the third most populated city in Queensland and the ninth in Australia. We are seeing ever-growing numbers of people move to the region seeking a better lifestyle, particularly over the past few years during COVID. In addition, there has been a surge in interstate migration from southerners, particularly Victoria, as people have sought to escape COVID-19 lockdowns.
The latest Australian Bureau of Statistics figures shows Queensland had the most significant net migration increase of 7,035 people over the first three months of this year, while Victoria lost 4900 and New South Wales lost 4500. Many of those relocating to Queensland has moved to regional areas, including the Sunshine Coast.
According to the Sunshine Coast Council, the population of the Sunshine Coast is forecast to grow to over 500,000 people by 2041, an increase of around 166,580 people, with 217,230 more dwellings needed to accommodate the growth.
To achieve a better work/life balance.
Pre COVID, it was hard to live where you wanted to, for lifestyle reasons, but the rise in working from home has changed all of that.
Most people don’t have to be close to the city now as they can work remotely, and if you’re looking to escape and find a better work/life balance, the Sunshine Coast is the perfect place to find it.
A great lifestyle
The Sunshine Coast has its name for a reason – it has warm, subtropical climate weather and around 30 beaches, rivers, lakes, mountains, national parks, tourist attractions and plenty of amenities, with improving infrastructure. All of this combines to create a more relaxed and laidback lifestyle.
It’s easily accessible.
Despite offering a lavish lifestyle and an escape from city life, the Sunshine Coast is close to Brisbane, just 100 kilometres north of the city. It is also close to major airports for people who need to travel for work or travel. In addition, there are two accessible international airports, including the recently-upgraded Sunshine Coast Airport in Marcoola and Brisbane Airport, only an hour south.
Improving infrastructure
Once upon a time, the Sunshine Coast may have been seen as a sleepy region, especially compared to the glitzy Gold Coast; however, now it’s undergoing a grand transformation and is coming of age, ready for its own time to shine in the sun. As a result, significant infrastructure has been planned and constructed in response to growth, drawing more people.
Past and present projects include the $347 million Sunshine Coast Airport expansion, the $2.1 billion new Maroochydore CBD (a 20-year project) and the Sunshine Coast Health Precinct at Birtinya, including the Sunshine Coast University Hospital. There are also billions of dollars worth of commercial, residential, hotel, and mixed-use projects in the pipeline, including Stockland’s $5 billion Aura community and the $3 billion Harmony estate at Palmview and road projects.
The region is also set to be a beneficiary of the 2032 Olympic Games, with key venues and sporting events to be held there.
Strong tourism numbers
According to the Sunshine Coast Council, the region attracted more than 3 million visitors over the year ending March 2021, with those visitors spending $2 billion, increasing significantly as borders reopen. This level of tourism spending helps to underpin the economy and, in turn, the property market.
Attractions for Sunshine Coast visitors include the region’s many beaches and national parks and Australia Zoo, Sea Life, Aussie World, and the Ginger Factory. There is also plenty of sports tourism through various triathlon and marathon events every year.
Economic growth
The Sunshine Coast economy is worth $18.5 billion, with 4.2% average annual growth since 2004, according to the latest data from the Sunshine Coast Council. It has exceeded the growth of the national economy by 1.3%.
The region’s economy is expected to grow dramatically over the next 20 years to reach $33 billion in 2033, with more knowledge-based jobs, exports and household income. A solid economy will mean plenty of jobs to go around, and it will underpin the region’s property market.
You have lots of choices.
The Sunshine Coast stretches along 60 kilometres of coastline, running from Pelican Waters to Tewantin. Within that, there are so many options for property – you can buy near the water by the beach, lakes or rivers, in the hinterland, or more urbanised areas.
There are also properties to suit every budget, including mansions, high-end apartments with fantastic views in the heart of some of the most sought after areas, beach shacks and properties ripe for renovation.
If you want to buy on the Sunshine Coast, but need some guidance, click here to book a time for an obligation-free conversation about your property plans.