Market rising despite rate increase

Market rising despite rate increase

Market rising despite rate increase

While rising interest rates are understandably causing concern for some mortgage holders, the southern Sunshine Coast property market has returned to growth with a number of record prices being achieved.

Having plateaued after the COVID boom new data reveals the Sunshine Coast is on the rise again, with house prices increasing in value nearly $18,000 on average in the last three months.

Henzells Sales Manager Kyle Davies said a strong desire for coastal living, high levels of interstate migration and an undersupply of housing had insulated the region from any dramatic downturns.

“Employment is very strong, population growth is surging and the region is experiencing unprecedented infrastructure spending to take us to the 2032 Brisbane Olympics and beyond,’’ Kyle said. 

Sunshine Coast projects such as the Bruce Highway upgrade, the $550 million Beerburrum to Nambour rail upgrade, Sunshine Coast Airport expansion and major residential and commercial developments in Aura which will house around 50,000 people on completion are providing a huge incentive for investors and residents to be involved with one of Australia’s fastest growing destinations.
“The proximity to Brisbane and unique laid-back charm of Caloundra are also major advantages,’’ Kyle said.

“These factors all have a positive influence on price growth despite what interest rates are doing, separating us from other markets such as Sydney and Melbourne.
“We also have a high proportion of cash buyers who are immune to the rate rises,’’ he said.

The growth trend has been reflected in a number of high-profile recent results including the $3.85 million sale of 32 The Passage by Henzells’ Linda Feltman in campaign that garnered global interest.

The outcome was a street record and the highest achieved in Pelican Waters this year and joined other mega results set from mid-2022 of $4.2 million for 46 Deepwater Circuit and $4.1 million for 19 Artunga Place and $5.8 million for 43 Pelican Waters Boulevard.

Buyer interest is spread across all Caloundra suburbs, with the blue-chip locations such as Kings Beach, Moffat Beach, Bulcock Beach and Dicky Beach always near the top of the list.

“The outlook for the Sunshine Coast property market remains highly encouraging,’’ Kyle said.

 

HENZELLS GROUP
Henzells Agency
Accom Caloundra
Pelcan Waters Foundation
Pelican Waters Caloundra