Sunshine Coast unit prices still falling: REIQ

Prices of units and townhouses on the Sunshine Coast have fallen despite an increase in sales activity, according to the latest data report by the Real Estate Institute of Queensland (REIQ).

The report found that the median price of units on the Sunshine Coast have declined by 1.5% from last year’s $340,000 to March’s $335,000, with no change in the March quarter.

This is despite an increase of 22.6% in sales activity of units and townhouses compared to the March quarter last year.

It also revealed a significant increase in the numbers of unit and townhouse sales priced between $350,000 and $500,000.

“Many of these areas have become more affordable, even those with unique seaside locations, so this is no doubt spurring buyers into action before the tide has turned to the positive completely,” REIQ chief executive Anton Kardash said.

Reports of price declines on the Sunshine Coast and Gold Coast are nothing new.

In January 2012 the two struggling coastal markets received national media attention when Channel Seven Sunrise host David Koch outraged Gold Coast and Sunshine Coast estate agents and developers by describing them as “catastrophes”.

Sunshine Coast suburbs that recorded significant declines in prices included Noosa Heads, according to the REIQ data.

Noosa Heads recorded 35 unit sales for the March quarter, with the median unit price at $520,000, representing a 10% decrease from the last quarter.

The annual median unit price in Noosa Heads stands at $480,000, representing a 15.4% decrease on last year’s $567,500. The REIQ emphasised that median prices in Noosa Heads have been affected by the varying quality of stock sold, and the number of waterfront properties sold.

Noosa Heads units for sale include:

Unit 10/28 Viewland Drive, a two-bedroom apartment (pictured below) listed for $495,000 by Robert James Realty. It last sold for $315,000 in 2003, and $107,500 in 1991, according to RP Data records.

Other suburbs that recorded declines of between six to nine per cent included Kings Beach and Maroochydore.

Kings Beach recorded 18 unit sales for the March quarter, with the median unit price at $290,000, representing an 18.3% decrease from the last quarter.

The annual median unit price stands at $330,000, representing a 9.6% decrease on last year’s $365,000. The REIQ highlighted that median prices in Kings Beach have been affected by the varying quality of stock sold, and the number of waterfront properties sold.

Kings Beach units that were sold in the March quarter include:

2/14 Levuka Avenue, a two-bedroom unit (pictured below) was listed by Caloundra City Realty. It sold for $267,000 according to RP Data records.

Prior to this sale, the apartment last sold for $122,500 in 2000. It was also sold in 1994 for $130,000, and also in 1993 for $117,500, according to RP Data records.

Maroochydore recorded 62 unit sales for the March quarter, with the median unit price at $310,000, down 6.1% from the last quarter.

The annual median unit price stands at $319,000, representing a 6.2% decrease on last year’s $340,000.

Sunshine Coast suburbs that recorded significant price growth included Golden Beach and Coolum Beach.

Golden Beach recorded 17 unit sales for the March quarter, with the median unit price at $305,000, representing a 7.6% decrease from last quarter.

The annual median unit price stands at $320,000, representing a 26.0% increase on last year’s $254,000.

Golden Beach units for sale include:

Unit 26, 2 Landsborough Parade, a two-bedroom apartment (pictured below) listed for $249,000 by Ray White Caloundra. It last sold in 2008 for $270,000. The apartment was also sold in 2004 for $230,000, in 2003 for $165,000, in 2002 for $120,000, in 1999 for $91,000, and in 1991 for $144,450, according to RP Data records.

Coolum Beach recorded 17 unit sales for the March quarter, with the median unit price at $338,500, representing a 19% decrease from last quarter.

The annual median unit price stands at $359,000, representing an 8.1% increase on last year’s $332,000.

Coolum Beach units for sale include:

6/1714 David Low Way, a one-bedroom unit listed for $329,000 by Coolum Beach Real Estate. The unit last sold in 2005 for $320,000, and in 1990 for $97,000, according to RP Data records.

The unit was listed for sale last year for 71 days, at $329,000. It was also listed for sale in 2005 for 22 days, at $340,000.

The unit’s asking rent stands was $250 per week in 2009 and again in 2010.