The Coast suburbs with the best property price growth
POPULATION growth and huge infrastructure spending have driven double-digit growth in the Sunshine Coast's house and unit prices, according to an expert report.
Property analyst Terry Ryder said economic and real estate fortunes had risen dramatically as the region expanded and diversified its economy, and as the Sunshine Coast and Noosa local government areas' population grew towards a forecast of 580,000 people by 2041.
Mr Ryder released the findings of his report, The Sunshine Coast: Australia's Most Compelling Growth Story, which highlights nine suburbs' double-digit median price growth in either the house or unit market over the past year.
Sunshine Beach was the top performer in the housing market, up 37 per cent to a median house price of $1.6 million. It was also the only suburb to experience double-digit growth in unit prices, up 14 per cent to $700,000.
Most suburbs which made the list were coastal, but hinterland town Woombye bucked the trend with houses up 17 per cent to $531,000.
Mr Ryder highlighted "unprecedented infrastructure spending" across the region as a huge driver with $20 billion in projects either recently completed, under construction or approved on the Sunshine Coast.
Would you invest in property at the Sunshine Coast?
This poll ended on 29 November 2019.
Yes, I already have
No way, it's too expensive
This is not a scientific poll. The results reflect only the opinions of those who chose to participate.
Mr Ryder said this was a higher spend than Canberra, Hobart or Darwin and challenged capital cities Adelaide and Perth.
"This can be seen in the property market with values for both homes and units soaring in the past year," Mr Ryder said.
"We have suburbs like Twin Waters and Doonan where the median house price was up by about 20 per cent and the unit market median price jumping 14 per cent to reach $700,000 in the past year.
"The new (Maroochydore) CBD, being built from scratch on a 53ha greenfield site, is at the heart of this growth, providing a centre for the Sunshine Coast's growing economic and job opportunities while helping to fuel residential price rises across the region."
The new Maroochydore City Centre is being designed and delivered by SunCentral Maroochydore.
It was officially opened in August with the first buildings now under construction.
SunCentral CEO John Knaggs said other large infrastructure projects, such as the Sunshine Coast International Broadband Network, were also contributing to the region's economic evolution.
Mr Ryder said infrastructure, combined with strong population growth, had put investors on the Sunshine Coast in the "box seat" to take advantage of ongoing price growth.
Mr Ryder said the Sunshine Coast's economic and real estate fortunes had risen dramatically as the region expanded and diversified its economy.
"Nothing supports price growth like a booming economy," he said.
The report revealed the Sunshine Coast had achieved an economic growth rate of more than 4 per cent a year over the past 15 years - well above national averages - and the region's $17.7 billion economy was expected to expand to $33 billion by 2033.
Top performing suburbs for median house price growth:
- Sunshine Beach: Up 37% to $1,600,000
- Twin Waters: Up 21% to $945,000
- Doonan: Up 19% to $1,005,000
- Woombye: Up 17% to $531,000
- Mooloolaba: up 14% to $835,000
- Wurtulla: up 11 per cent to $605,000
Top performing suburbs for median unit price growth:
- Noosa Heads: Up 26% to $780,000
- Noosaville: up 19% to $495,000
- Sunshine Beach: up 14% to $700,000
- Golden Beach: up 11% to $440,000