New figures revealed the Sunshine Coast small block and apartment prices are the fastest growing in the state. Increasing 2.1% in the first half of this year, with a median price of $368,000. On the ground we are seeing this also, our analysis is 1. Affordability - superior properties under $450,000 are becoming very scarce whether houses or units. 2. Lifestyle – people don’t want the responsibility of large home ownership mowing, cleaning and maintenance. Rather, they purchase close to the beach in a smaller property and enjoy their downtime. 3. The Increase of investors into the local market has fueled the high density complexes around the hospital and university sites. Having onsite management and guaranteed rental returns certainly takes the headache out of investment properties.
A recent purchase for a client was a 3 bedroom, 2 bathroom, single garage on a 366m2 block. 13 years old and located on Kawana Island; opposite the park, close to Double Bay restaurants and 5 minutes’ drive to the new hospital site, major shopping centre, and patrolled beach. Purchased for $465,000 and a rental return at $460 per week, with rents set to increase substantially when the Public hospital opens late 2016. We are recommending to clients to purchase with the end user in mind ie. In the under $500k price range we are targeting nurses or professional workers that want low maintenance, air conditioning, white clean lines and safe suburbs close to everything.
More to this article, is recruitment firms are currently working to fill 2500 positons at the new hospital, this is set to expand to 4600 by 2021 (which is only 6 years). As soon as the hospital is finished it will be even extra competitive to get into the local property market.
