Property market bounces back
STRONG demand and a tightening of property numbers have given the Sunshine Coast residential market an added spring heading into a traditionally good selling season.
The REIQ June Quarter 2014 Housing Market Review reveals strong growth in south-east Queensland and stabilising regional markets.
REIQ acting CEO Antonia Mercorella said the review reflected increased buyer confidence and a sense of optimism about Queensland's prospects for growth.
"These are the figures many vendors have been waiting for - much shorter days on the market, significantly reduced vendor discounting and increased buyer competition," she said. "They show key sectors of the Queensland real estate market are on a trajectory of growth, with buyers growing more confident as we head into the spring selling season."
The review said the Brisbane median house value was up 1.9% in the June quarter and up 6.6% over the past 12 months. Average days on market in Brisbane have fallen from 90 to 59. Sunshine Coast values rose 1.9% for the quarter and 6.2% for the year.
"The growth we're seeing is centred around Brisbane, the Gold and Sunshine Coasts, which have all seen rising median values in the June quarter," Ms Mercorella said.
"Following a period of challenging conditions, the Gold and Sunshine Coasts are also starting to bounce back as buyers in both markets grow more confident."
Ray White Caloundra's Andrew Garland has seen a bounce in the market since late July, with a tightness of listings and greater competition between buyers.
He is working towards getting a strong line-up of properties ready for September and October.
The $400,000-$500,000 price point is the focus of activity.
"Golden Beach is strong in the 400s - especially on the beach side," Mr Garland said. "Properties in that price range are non-existent in the eastern beaches of Caloundra - Kings, Shelly, Moffat. Now is the opportunity to get a premium for a property but you need to market it properly."
At an in-rooms auction event that Ray White Caloundra last Thursday, three of the four properties offered were sold prior or on the day.
An offer on the fourth property awaits a response from the mortgagee.
A renovated beach house with pool at 23 Moffat St, Moffat Beach, had 60 inspections in four weeks of marketing that included Domain Sunshine Coast.