The Southeast Queensland property market is set to peak in the next two years, and the Sunshine Coast is shaping up to be a star performer, say industry experts. Major infrastructure that is under construction and new job creation will ensure future capital growth with close to 165,000 people employed on the Sunshine Coast. 32,000 new jobs are expected to be created in the Kawana area having a direct impact on further population growth to fill these positions.
Sunshine Coast has 2 distinct markets. Those that want to enjoy Sunshine Coast life style living (beach, sun, sea) and those that need residential property who work in the area and need somewhere to live.
There is a drastic shortfall to cater for the need market especially in dwellings ranging from $300k to low $500’s – being apartments, villas, units being developed by reputable developers and builders.
Rentals on Sunshine Coast are on the up, with vacancy rate at a low. Compounded by a low supply of new dwellings with a need for 3,200 new dwellings year on year.
The Sunshine Coast has around 330,000 residents and growing by around 7,000 new people year on year. Around 30% of the population rent their accommodation with the majority of apartments having 1 or 2 people residing there. Creating an unusually high demand for accommodation to meet this growing need.
A big plus for investment opportunity on the Sunshine Coast is the under supply of new dwellings and a tight rental market. The supply of rental accommodation on Sunshine Coast is very tight setting rental yields at around 5% and a low vacancy rate. Based on the above demographics, there is a dire shortage of apartments and villas on the Sunshine Coast.
There is also a shortage of quality house and land properties to meet the growth of families moving up to Sunshine Coast to embrace new employment opportunities, lifestyle and affordable dwellings. Added to this is the fact that the original Sunshine Coast ageing population are now wanting to downsize placing further demand on an already low supply of new dwellings to suit downsizers!