Kings Beach continues to shine as one of the jewels in the Sunshine Coast property crown with units being snapped up within days of going to market and price growth reaching 50% or more in less than two years.
Area specialist, Clare Thompson, said the opportunities to gain an entry level property in the surf-side suburb were becoming few and far between, with the median price now $868,000 compared to a couple of years ago when the figure was closer to $500,000. There have been 23 sales in Kings Beach since the 1st of December for a combined total $19,966,500.
"The biggest issue we have is finding properties to sell. As soon as we take something to market it goes straight away, usually after the first open home," she said.
"It is not uncommon for people who bought from us 12 months ago to resell their property and make in excess of $300,000. It’s setting a lot of people up financially."
An original brick and tile, two bedroom beach home in Mahia Terrace holds the price record this year selling for $2.8 million, closely followed by an executive, three bedroom penthouse in Leeding Terrace sold by Henzells Agency for $2.52 million on the 10th of January.
A near identical next-door apartment in Leeding Terrace sold six months earlier for $2.16 million, reinforcing the suburb’s exceptional capital growth.
"Another example was a two bedroom townhouse in Upper Gay Terrace, which we sold off market to a Brisbane buyer in December for $950,000. A few years ago, we were unsuccessful at getting $660,000 for the same property," Clare said.
Clare said the majority of buyers were from the Sunshine Coast and Brisbane, with the occasional interstate buyer purchasing property sight unseen and going unconditional virtually straight away.
"The demographic in Kings Beach has changed over the past few years. At lot of the activity was investor based, whereas now we are seeing more owner occupiers, and lock and leave buyers moving in."
"It’s a lifestyle thing. People want to escape the city. With the COVID situation, people have been unable to travel overseas and many are putting themselves first and putting their money into something stable."
"Noosa is out of budget for many buyers and Kings Beach fills the gap, with the southern Sunshine Coast seen as comparatively more affordable."
"The proximity to Brisbane and unique laid-back charm of Kings Beach are also big winners," Clare said.
If you have a property in the Kings Beach area and are looking to sell, Clare Thompson and Brittany McCurdy are your go-to property experts. Please do not hesitate to contact them on their details below.
0407 198 021
0408 703 198