There has been a lot of hype and attention on the Sunshine Coast property market of late and rightly so given the level of activity we are seeing on the ground level.
Many are describing our market as "Booming" and most predictions are that we will continue to experience these conditions for at least the next few years. The current Herron and Todd White property clock showed the Coast market in "A Rising Market", this is a very accurate assessment of the current market.
To date 2020 has shown some incredible signs despite the effects of COVID on the wider economic climate. Buyer inquiry has been at record high levels, whilst sales volumes have been at similarly high levels. In line with this we are seeing stock levels at record low levels creating significant upward pressure on prices which has now been sustained for most of the year and starting to gain great momentum at present.
Buyers in larger urban areas and cities are identifying with the Sunshine Coast for the relaxed lifestyle and relative affordability compared to many metropolitan locations. With the ability to work from home really placed in the spotlight in the last 6 months we are seeing a great increase in these buyers, particularly those from southern locations.
Many regional coastal areas may have great appeal for a lifestyle but often offer extremely limited employment and education opportunities. This is one area where the Sunshine Coast has really shown its strength. With some of the largest infrastructure spending in the country now under way on the Coast as well as many significant employers relocating to the area, we not only offer a great lifestyle but also a myriad of employment opportunities across a number of industries and professions.
With some of the country's best beaches and gorgeous natural geographical attributes, our region now boasts some outstanding schools, and an ever-growing university and of course airport.
In line with all these factors, our population is set to grow by over 30% before 2045. Whilst much of this will be taken up in urban sprawl and communities growing further away from key areas, those communities close to these major draw cards will continue to grow not only in demand but of course in value.
Price growth can often be rapid and sometimes unexpected for many property owners. In a rising market, it is always a mistake to draw a perceived value from historic sales. Even if you were to look at sales that took place 4 – 6 months ago. If a market is rising at 10% a $700,000 property could have risen $35,000 at least in that period.
However, here is the beauty of booming conditions. When buyers see fewer and fewer properties for sale and demand is ever increasing, they will often make a conscious decision to pay above the current market value to secure a home today. In this instance you can often achieve what we call "Tomorrows Price today!".
So if you are considering selling, take the time to assess your options, get a feel for exactly what is happening in the market today and gather the information to understand just how much your property has grown in recent months.
I am available to provide you with exactly this information at any time in total confidence and enable you get the full picture of just how much the value of your home has increased under the current market conditions.