Sunshine Coast coastal strip continues to be in demand: HTW residential

Sunshine Coast has seen a general slowing in the market in 2019, according to the latest Herron Todd White (HTW) residential report. 

The report notes that a significant number of agents have indicated that general enquiry has fallen, which has effectively led to a lack of urgency in the market.

On the back of this, stock levels have increased in some areas as well as the number of days on market.

Whilst there has been a general softening in the market, there are still sales being made.

Property that is well located with a good offering and is priced at the right level is selling.

It’s just that instead of selling in the first week or two, it’s more like six to 10 weeks - what would appear to be more like a normal market, HTW said.

"In our The Year Ahead issue in February, we talked about the negatives and positive for the coast. To be honest, they haven’t changed great deal. The continued slowing of the Sydney and Melbourne markets hasn’t helped confidence," the valuation firm said. 

"A big hurdle has been a federal election campaign that dragged on and the uncertainty that created was challenging.

"The positives continue to be the massive infrastructure projects underway." 

The Maroochydore CBD, Sunshine Coast Airport expansion and the Sunshine Coast International Broadband Submarine Cable project are all under construction and all massive for the area.

"As always, the beachside areas have been performing well relative to areas further inland.

"The coast lifestyle is the major driving factor and this is expected to continue albeit at a slower pace," the valuation firm said. 

According to the report, the coastal strip in the sub $800,000 price range is expected to continue to be in demand.

A Caloundra waterfront unit on Penthouse level with rooftop terrace is currently on the market with a price guide of $850,000.

The fully furnished unit at 10/4 Maloja Avenue (pictured below) comes with two bedrooms, two balconies, large living and dining areas, gourmet kitchen and secure car park.

It also features views of the Pumicestone Passage, Bribie Island, the ocean and Glass House Mountains in the distance.

The larger estates of Aura at Caloundra South and Harmony Estate at Palmview are still generating some good interest but it does appear that stock levels are increasing with spec homes hitting the market.

These estates still offer the most affordable new homes on the coast with land size being forgone.

This is being mirrored in the hinterland subdivisions in the railway townships, such as Habitat in Palmwoods.

Larger land sizes are the big driver in this market with upgraders being active.

"The prestige market in the Noosa area as in other areas on the coast has slowed a little," the valuation firm commented. 

"The influence of the Sydney and Melbourne markets you would think is having an impact.

"However, in discussions with various agents dealing in the prestige markets, there are still people around with plenty in their pockets to spend, its just that they are discerning with personal preferences, presentation and motivation which impacts heavily on the ultimate sale price."

A Noosa Heads three bedroom apartment has recently been sold for $1,825,000.

Situated within Lumina Residence, the first level apartment at 105/10 Serenity Close (pictured below) comprises three bedrooms, two living areas, kitchen with Miele appliances and courtyard gardens.

It has direct access to 5-star common facilities. 

The weak Aussie dollar has been good with ex-pat and international buyers helping to fill the void.

There are a number of unit complexes under construction or proposed which see an increase supply particularly within the Maroochydore area.

There are good levels of interest in owner- occupier style units within smaller complexes with low body corporates.

This swing to permanent living units has been reflected in the popularity of a number of new unit complexes that directly target this market with investment grade product being more challenging.

"One thing that is certain is there are a lot more people around the coast. It used to be in holiday periods but now it seems to be all the time.

"This can’t be a bad thing to help support the market."