How region’s unit prices rose more dramatically than anywhere else in the country

Sunshine Coast unit prices have ballooned compared to the rest of the country during the past five years.

Many local property values, including houses and units, more than doubled in that timeframe.

But the region’s rising unit prices led the way on a national level.

The Sunshine Coast laid claim to three of the top four growth suburbs for unit prices in Australia, four of the top 10 in the country and nine of the top 10 in regional Queensland.

Noosaville was number one in the nation with the median unit price blowing out $485,000 to $935,000, at a 108 per cent increase.

Sunshine Beach and Coolum Beach were numbers three and four respectively and Marcoola was number nine.

The data was collected in the five years to April, 2023.

PropTrack director, economic eesearch, Cameron Kusher said buyers from the cities wanted to embrace a lifestyle change and had sought value on the Sunshine Coast.

“We saw a really strong increase in unit prices on the Sunshine Coast right through the pandemic,” he said.

“They were generally cheaper than the Gold Coast and we started to see people wanting that beach lifestyle, and from an investment and holiday home perspective.

“So, we saw a big increase in median prices in areas like Noosaville, Sunshine Beach and Coolum Beach, and also Marcoola and Mount Coolum, which are not as easily recognisable. And Tewantin isn’t on the coast but we still saw median prices jump there.”

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He said he was a “bit surprised” that Noosaville was number one.

“But prices there were relatively cheap five years ago, at $450,000, and I think there could have been a spillover of people who couldn’t afford an apartment at Noosa Heads,” he said.

“They instead went looking in Noosaville, where you are still only a five-minute drive from the beach and you have the river. It’s quite an attractive place to be.”

He said high demand from prospective buyers, low supply and low borrowing costs “for most of the last five years” fuelled the price rise.

“People wanted to get out of the city (during the pandemic). They wanted more space and a different lifestyle, and they wanted to move to areas like the Sunshine Coast, but there wasn’t much stock for sale, which pushed up prices significantly.”

The rise in unit values in the Noosa area, especially Noosaville, was noticed first-hand by Laguna Real Estate Noosaville sales consultant Anita Nichols.

“Absolutely, they have more than doubled in the last five years,” she said, before adding the extraordinary lengths that prospective buyers went to.

“I think COVID had a big effect. A lot of people in lockdown in the southern states wanted to move here and many of them were missing out on purchases, so they were making cash unconditional offers to secure a property.

“Listings would hardly make it to the market or sell on the first open (house).”

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Ms Nichols said Noosaville held plenty of appeal.

“With the river precinct, it has just come along in leaps and bounds. It’s a beautiful area,” she said.

She said the market had slowed for about 12 months to February this year, but “it’s definitely picking up”.

“We’re seeing a lot more buyers and some properties were sitting on the market for months are now under offer. I had three sales in a week a few weeks ago,” she said.

But Mr Kusher said prices were generally “starting to come back a bit”.

He said house prices fell 6 per cent and unit prices fell 1.2 per cent since their peak in April last year – a trend that could continue.

“It’s reasonable to expect we might see a bit more pullback, plus there’s the possibility that interest rates will go higher,” he said.

“Plus, there is not as much impetus for people to move from the city as there was during the pandemic. Some people who moved to the coast are moving back to the city. Some businesses want people back in the office.”

Mount Coolum, Buddina, Peregian Beach, Tewantin and Golden Beach were also in the top 10 for unit price growth in regional Queensland.

Meanwhile, house prices exploded around the country, including on the Sunshine Coast, during the past five years.

Peregian Beach, Buddina and Eumundi were in the top 10 for house price growth in regional Queensland. Median prices doubled at least.

See the full breakdown below.

Biggest increases in median prices for suburbs nationwide

Units

• Noosaville, regional Queensland, now $935,000, up $485,000, up 108 per cent
• Jindabybe, regional NSW, now $718,000, up $368,000, up 105 per cent
• Sunshine Beach, regional Queensland, now $1.425m, up $719,000, up 102 per cent
• Coolum Beach, regional Queensland, now $785,000, up $390,000, up 99 per cent
• Prospect Vale, regional Tasmania, now $460,000, up $220,000, up 92 per cent
• Casuarina, regional NSW, now $948,500, up $453,500, up 92 per cent
• Wendouree, regional Victoria, now $377,250, up $179,250, up 91 per cent
• Marcoola, regional Queensland, now $695,000, up $330,000, up 90 per cent
• Wangaratta, regional Victoria, now $356,000, up $168,000, up 89 per cent
• Claremont, Greater Hobart, now $476,000, up $224,000, up 89 per cent

Houses

• Bright, regional Victoria, now $1.285m, up $775,000, up 152 per cent
• Jindabyne, regional NSW, now $1.55m, up $925,000, up 148 per cent
• Venus Bay, regional Victoria, now $687,000, up $392,000, up 133 per cent
• Kingscliff, regional NSW, now $2m, up $1.13m, up 130 per cent
• Bridgewater, Greater Hobart, now $480,000, up $270,000, up 129 per cent
• East Devonport, regional Tasmania, now $440,000, up $247,000, up 128 per cent
• Trentham, regional Victoria, now $1.26m, up $705,000, up 127 per cent
• San Remo, regional Victoria, now $1.15m, up $639,000, up 125 per cent
• Teralba, regional NSW, now $900,000, up $500,000, up 125 per cent
• Tocumwal, regional NSW, now $600,000, up $332,000, up 124 per cent

Biggest increases in median prices for suburbs in regional Queensland

Units

• Noosaville, Sunshine Coast, now $935,000, up $485,000, up 108 per cent
• Sunshine Beach, Sunshine Coast, now $1.425m, up $719,000, up 102 per cent
• Coolum Beach, Sunshine Coast, now $785,000, up $390,000, up 99 per cent
• Marcoola, Sunshine Coast, now $695,000, up $330,000, up 90 per cent
• Mount Coolum, Sunshine Coast, now $743,000, up $327,000, up 78 per cent
• Buddina, Sunshine Coast, now $783,000, up $344,000, up 78 per cent
• Peregian Beach, Sunshine Coast, now $1.09m, up $476,000, up 78 per cent
• Mermaid Waters, Gold Coast, now $668,000, up $283,000, up 73 per cent
• Tewantin, Sunshine Coast, now $630,000, up $265,000m up 73 per cent
• Golden Beach, Sunshine Coast, now $721,000, up $301,000, up 72 per cent

Houses

• Toogoom, Wide Bay, now $700,000, up $385,000, up 122 per cent
• Blackwater, Central Queensland, now $700,00, up $95,000, up 113 per cent
• Worongary, Central Queensland, now $180,000, up $95,000, up 113 per cent
• Coral Cove, Wide Bay, now $710,000, up $369,000, up 113 per cent
• Peregian Beach, Sunshine Coast, now $1.639m, up $851,000, up 107 per cent
• Surfers Paradise, Gold Coast, now $2.9m, up $1.5m, up 107 per cent
• Glenwood, Wide Bay, now $450,000, up $228,000, up 103 per cent
• Buddina, Sunshine Coast, now $1.65m, up $835,000, up 102 per cent
• Clear Island Waters, Gold Coast, now $2.16m, up $1.09m, up 102 per cent
• Eumundi, Sunshine Coast, now $1.213m, up $607,000, up 100 per cent

Article source: Queensland Property Investor

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