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REVEALED: How much your home is worth right now

Noosa has been revealed as one of the most expensive suburbs in the region.
Noosa has been revealed as one of the most expensive suburbs in the region. Contributed

NOOSA is the shining light of Queensland property according to the REIQ's Market Monitor, with the state's second most expensive house prices after Brisbane and the most expensive unit prices.

Sunshine Beach ($1.2m) and Noosa Heads ($925,000) rank as two of the top three most expensive suburbs in the region along with Alexandra Headland ($960,000).

The Sunshine Coast statistical division, which includes the two local authority areas, saw a slight drop in sale values between the March and June quarters - down 0.3% from $561,500 to $560,000.

The unit market also contracted in the June quarter, falling 4.9% from $410,000 in March to $390,000 in June.

However the annual median house price for the entire region grew 6.2%, from $518,000 to $550,000 in the 12 months to June representing a 27.9% growth in prices from $430,000 in June 2012.

Rents are also increasing in a tight market with vacancies in some areas now below 1%.

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While the weekly median rent in the Sunshine Coast Council area held steady for three-bedroom houses and three-bedroom townhouses at $440 and $420 over the June quarter, on an annual basis they rose from 2% to 6%.

The rent for two-bedroom units jumped $20 a week or 5.9% for the past 12 months.

Rents in Noosa were however considerably more expensive - the most expensive in Queensland for a three-bedroom townhouse, up 10% for the past 12 months, from $500 a week in June 2016 to $550 a week in June 2017.

Median sale price growth for the past 12 months was 5.9% for the Sunshine Coast Local Government area and 12.2% for Noosa.

Noosa was also the best-performer for the past five years, with the median sale price increasing 34.4%, from $480,000 in June 2012 to $645,000 in June 2017.

For the 12 months to June this year the median home price in Noosa was $645,000 and $479,000 for units.

Nambour with a median price of $370,000 top the list for our three most affordable suburbs to buy a home ahead of Landsborough ($381,500) and Coes Creek ($405,000).

Amber Werchon, chair of the Sunshine Coast branch of the Real Estate Institute of Queensland, said a combination of value here for the lifestyle opportunities and increased confidence because of infrastructure commitments would see the growth trend continue for the foreseeable future.

She described a 6.2% boost in prices for the past 12 months as "good, sustainable growth" with the $550,000 median home price representative of what buyers wanted.

Ms Werchon said the Sunshine Coast was not about to enter any sort of crazy boom but would see sustainable growth supported by key fundamentals including projected population growth, infrastructure spending still to happen and the resultant employment opportunities.

In the past decade to June, 2016, Australian Bureau of Statistics data showed a population growth of 72,680 residents.

Ms Werchon sees future price growth in places like Nambour and in Mudjimba, Marcoola and Pacific Paradise which she describes as under-valued in terms of closeness to the beach and work opportunities.

Buyers not attracted to the beach lifestyle wanted either space or privacy.

The latest REIQ Market Monitor report rates prospects for the Sunshine Coast's residential property market as positive and supported by a broad plank of infrastructure and development projects.

It notes the region's job market saw unemployment drop to 5% in June, below the state average of 6.5%and the national average of 5.6%.

The most popular price range for buyers sat between $500,000 and $750,000 however market trend indicators for the region showed characteristics of a market favouring vendors, with falling supply and increasing demand.

A house on the Sunshine Coast needed about 46 days to achieve a sale in May 2017 compared with 54 days in May last year.

Topics:  alexandra headland amber werchon editors picks median values noosa heads real estate reiq sunshine beach


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