2. End values are only just starting to lift across the Sunshine Coast Region. This typifies a market in the recovery phase of the property cycle. Prices should lift – albeit mildly – across the Sunshine Coast during 2015.
3. The average house on the Sunshine Coast now costs $480,000. Vacant land averages around $250,000 per allotment and resale apartments, again on average, cost about $350,000.
4. Weekly rents have increased somewhat consistently for detached houses and rapidly for apartments on the Sunshine Coast in recent years. Weekly rents should continue to grow during 2015, but most likely not as fast as in previous years.
5. The vacancy rate remains tight & resale stock for sale has continued falling. There are currently 7,300 properties listed for sale within the Sunshine Coast market, which equates to about a six (6) month supply.
6. Lots of new jobs are being created on the Sunshine Coast with about 10,700 new jobs added over the last 12 months alone. The local unemployment rate, however, remains steady at about 7%.
7. About 330,000 people live on the Sunshine Coast. The area is currently growing by about 6,000 new residents each year. This annual rate of population growth is projected to increase (up to 8,000 per annum) over the next three to five years.
8. Local household incomes are statistically quite low. A high proportion of Sunshine Coast residents are retired. For non-retirees, housing isn’t that cheap – to buy or rent – on the Sunshine Coast. This places a break on potential price and rental growth. More affordable housing is needed.
9. When factoring in various local issues such as affordability; potential property returns & current market trends, there is a need to build more townhouses/villas on the Sunshine Coast – followed then by small lot homes; small-scale infill apartments that cater for long-term local residents and then traditional detached houses.
10. Government projections suggest that 18,900 new jobs (an 11.9% increase) are likely to be created across the Sunshine Coast over the next five years. The top five growth industries are: health care & social services; retail; education & training; tourism and administrative support. This, again, highlights the need for more affordable housing on the Sunshine Coast.