Sunshine Coast Property Prices are Still UP Year-on-Year
Weekly Real Estate Market Update with Leigh Martinuzzi MPG
This spring is proving to be a very uncertain market to navigate for both sellers and buyers, with the cash rate continuing to have an impact on property transactions. However, on the Sunshine Coast property prices are still up. Have a look at Sydney’s prices, which over the last year have fallen by -9.8% whereas, in Brisbane, prices are still in the positive territory, up 6.4%. During the Covid period, until April 2022, prices in Brisbane rose a whopping 43.5%, while on the Sunshine Coast prices went up 52.5%. Prices on the Sunshine Coast are still up approximately 6-10% year on year.
Sydney and Melbourne are starting to see an easing in the rate or price drops, and last week many more properties sold compared to the previous week. This is a sign that buyers are starting to transact again. And although this increased buyer activity may not be immediately recognised here, in the months ahead we will likely see more interstate buyers return to the sunny coast to purchase their next home. At our office, we’ve already seen a slight increase in interstate buyer interest and a slight increase in buyer demand, too.
It seems that high-end properties on the coastal parts of the Sunny Coast are still achieving good results. In the mid-range of the property market, home sales have slowed over the last month while in the bottom end, due to affordability, there is still satisfactory buyer activity. It may be a slower burn now, however, the buyer demand will continue to build up as we all try to navigate this uncertain market and the rising costs of living and increasing interest rates. I expect, once the RBA gains confidence around the getaway inflation, we will see the cash rate increase slowly and buyer confidence emerge. This will bring a sudden rush of buyers back into the market and will likely result in a spike in property prices over the next 6 to 12 months.
AUCTION CLEARANCE RATES – WEEK ENDING 21ST OF AUGUST 2022
- Queensland – 36% (261/1169)
- NSW – 52% (1025/1475)
- Victoria – 58% (989/1120)
- ACT – 57% (106/101)
- South Australia – 57% (143/297)
- Tasmania – 50% (2/143)
- Western Australia – 33% (9/647)
- Northern Territory – 33% (6/28)
*(Auctions/Private Sales)
REVIEW(S) OF THE WEEK
Felt very relaxed with Leigh, easy going hard working.
Great market knowledge and communication were excellent. Felt very comfortable with everything Leigh suggested to do to sell my property. Awesome team. – Seller
