The property market has experienced a surprising upswing on the Sunshine Coast this year, when more buyers have zeroed in on a specific type of home.
Data from PropTrack has revealed that property prices in the region increased 3.3 per cent this year and are 1.6 per cent higher year on year, to the end of September.
PropTrack director economic research Cameron Kusher says the figures are unforeseen.
“The rebound in prices has been somewhat unexpected,” he says.
“It has been mainly driven by low levels of housing stock and a rebound in demand.”
Many buyers homed in on a niche section of the market, boosting the value of apartments by the sea.
The largest price increases for properties in the region this year were for units in ritzy coastal suburbs such as Alexandra Headland (up 7.3 per cent), Sunshine Beach (up 6.8 per cent), Twin Waters (up 5.5 per cent), Noosa Heads (up 4.7 per cent) and Mooloolaba (up 3.8 per cent).
“The increase in unit prices in these beachfront areas highlights that reduced borrowing capacities are driving buyers to more affordable units, while simultaneously highlighting that buyers are chasing blue-chip locations,” Mr Kusher said.
Apartment blocks at Mooloolaba are highly prized.
Source: sunshinecoastnews.com.au