As the National Market Slows, Sunshine Coast Continues to Shine
Weekly Real Estate Market Update with Leigh Martinuzzi MPG
Australia’s property market continues to cool, with national dwelling values rising by just 0.1% in November—the smallest monthly increase since the recovery began earlier this year. While this national slowdown reflects a broader market softening, the Sunshine Coast continues to perform well, showcasing solid growth figures and improving conditions for sellers.
Nationally, housing values have been trending upward throughout 2024, but the pace of growth has significantly slowed from the earlier highs. CoreLogic data reveals that dwelling values in capital cities have largely plateaued, with Sydney recording no growth in November and Melbourne experiencing a slight decline of -0.2%. Affordability challenges, rising listings, and more cautious buyer sentiment are key contributors to this deceleration in major capitals.
Mid-sized capitals like Brisbane, Perth, and Adelaide continue to show resilience, maintaining buoyant conditions despite some early signs of slowing. Meanwhile, on the Sunshine Coast, the story remains distinct. CoreLogic’s latest data shows annual dwelling values here have risen by 7.8%, with quarterly growth at 1.8%. The median dwelling value now sits at $1,055,104, underscoring the region’s appeal, particularly for lifestyle buyers seeking premium coastal properties.
Key metrics highlight improving conditions for sellers on the Sunshine Coast. Time on market has dropped from 39 days a year ago to just 30 days, reflecting strong buyer demand and quicker sales. Vendor discounting has also decreased, now at 3.4% compared to 4.5% a year ago. These indicators not only demonstrate increased seller confidence in 2024 but also reinforce the importance of correct pricing and presentation to secure strong results in a transitioning market.
Nationally, the balance between supply and demand remains pivotal. While an increase in listings across Australia is providing buyers with more options, affordability pressures persist. However, on the Sunshine Coast, A-grade properties remain in short supply, driving strong demand and sustained competition in premium segments.
The median national dwelling value now sits at $812,993, with average weekly household incomes struggling to match the rising costs of homeownership. Despite this, the Sunshine Coast market continues to thrive as a lifestyle destination, with resilient buyer interest focused on high-quality homes in desirable locations.
Rental growth on the Sunshine Coast has also stabilised, with weekly rents averaging $760 and yields holding steady at 3.6%. This trend mirrors broader regional markets, where rental demand is easing slightly.
Looking ahead, the cooling national market presents buyers with opportunities to secure properties in less competitive conditions, while Sunshine Coast sellers remain well-positioned to achieve premium results. Effective pricing strategies and strong presentation will be crucial for navigating this evolving market successfully.
If you’re considering a move or want to discuss your options, the team at Martinuzzi Property Group is here to help. Reach out today for a free consultation, and don’t forget to explore more insights in my latest property e-magazine, available here.
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