PROPERTY: Big demand for $500k properties

SEARCHING for a property in the $400,000-$500,000 price range on the Sunshine Coast is becoming a headache for would-be purchasers.

Shortage of stock is leading to strong competition for the properties that do come on the market.

With interest rates stable at 2.5% for the past 12 months and likely to continue for the remainder of the year, the price range is attractive to investors and owner-occupiers.

Auctions in particular are seeing multiple bidders with the losing buyers then seeking alternative properties.

A three-bedroom house at 37 Bungama St, Maroochydore, drew a lot of activity in the four-week marketing program in the lead-up to Saturday's auction.

Damien Said of Century 21 on Duporth had five registered bidders after 60-plus inspections for the near 30-year-old single-level house.

"Most interest was from local buyers," he said.

"Many of them investors.

"It is always in demand now that work is starting on the perimeter properties of the new Maroochydore CBD."

A $370,000 start soon got to $435,000 where the property was called on the market and bidding became a battle between two.

It sold under the hammer at $448,000 to a young couple planning to live in the house and extend it.

Agents' big week

ONE week was all that was needed for Amber Werchon Property's real estate agents to sell 13 properties on the Sunshine Coast, bringing in a grand total of more than $9 million in sales.

Director Amber Werchon said that the agency's success stemmed from confidence coming back into the market as seen at many of the properties taken to auction.

"I think 13 sales in a week or $9 million worth of sales is good in any agency's books," she said.

AWP sales agent Jessica Ruskin sold three of those 13 properties.

The week's sales stretched from Caloundra through to Mount Coolum, from $400,000 to $1.65 million.


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