The fastest growing place in the Queensland has seen median house prices in some suburbs spike 24 to 39 per cent in the past year, a massive turnaround for the area.
The Sunshine Coast has beaten Brisbane and the Gold Coast to lead Queensland growth prospects, the latest Hotspotting report has found, thanks to a massive $20 billion infrastructure pipeline of projects either completed, in the process or in planning.
The report, released this weekend, found the 55km stretch running down the southeast coastline was now “Queensland’s strongest real estate market”.
“This is a game-changer for the Sunshine Coast,” according to report author Terry Ryder. “Nothing supports property price growth like major new infrastructure spending, which generates jobs, economic activity and improved amenity for residents.”
“It has more suburbs with rising demand than any other location in the state and it is outperforming Brisbane and the Gold Coast on price growth,” said report author Terry Ryder.
“Combined with the neighbouring Noosa and Gympie LGAs, this region is easily the standout in the state.”
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Noosa — where median house prices were up 13 per cent and units up 19 per cent — had the fastest growing suburb with Sunshine Beach up 39 per cent, while elsewhere Doonan was up 24 per cent in one year, as was Twin Waters, with Mt Coolum rising 20 per cent. Pelican Waters (15 per cent) was also in double digits, as were Noosa Heads and Wurtulla — neck and neck at 13 per cent, Sunrise Beach (12 per cent), Maroochydore (11 per cent), and Mooloolaba, Peregian Beach and Tewantin were tied on 10 per cent.
“This represents a significant turnaround for these markets. The Sunshine Coast was one of the worst performers on capital growth in Queensland over the six years to 2014, but since then has entered a strong growth phase on the back of positives changes in the local economy.”
Around 20,000 new jobs had been created in the last five years, the report said, leveraging off projects like the $2 billion Sunshine Coast University Hospital which opened in April 2017, the $150 million private hospital and the Oceanside Kawana Health Hub.
The area is located 100km north of Brisbane along a 55km coastal stretch running from Caloundra to Noosa.
The report includes Kawana, Mooloolaba, Maroochydore, Buderim and Coolum as well as hinterland towns like Beerwah, Landsborough and Nambour — covering two councils — Sunshine Coast Regional Council and Noosa Council.
It is now the tenth fastest growing region nationally for jobs with the economy diversifying from tourism to include healthcare/social assistance, construction, retail, education and training.
The population was expected to growth to half a million people in the next two decades.
Mr Ryder’s picks for investors were “the southern precinct, from Maroochydore south to Caloundra” where a lot of key new infrastructure was going.
“This is where the new jobs are being generated. This is also the precinct that offers the best affordability on the Sunshine Coast. And it’s proximate to the Sunshine Coast University, which generates rental demand.”
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