Coming off the back of a strong finish to 2018, the Sunshine Coast property market is continuing to bring great results for sellers who market their properties well and generate competition among those looking to buy a slice of paradise in the region.
Over the past few weeks, My Property Preview has given readers a snapshot of how the local property market is tracking.
Industry leaders sent in their sales from the months of October, November and December and the results painted a very bright picture.
Despite a decrease in supply, the agents who participated in our super market tracker sold 203 properties across the three months, with properties spending an average of 105 days on the market before being snapped up by buyers.
The results show property prices are on the rise, with properties that were last sold 12 to 24 months ago posting much higher prices late last year.
While this means buyers need to be prepared to meet the market, it means sellers are entering a high-demand market and reaping the rewards for it.
The Auction Group’s Gordon Macdonald says one of the biggest factors in seeing property prices rise in the region is the pressure that comes from competition, like advertising in print as well as online, and bidding at a live auction.
The first ‘auction weekend’ for 2018 saw The Auction Group conduct 24 Coast auctions with a total of $30 million worth of real estate and an average reserve of $1.4 million.
Property prices for these auctions ranged from just below $200,000 to over $5 million.
Mr Macdonald says there was an average of 3.85 registered bidders, which is up from the 2017 average of 2.1.
“Our auction clearance was 75 per cent, which is a combination of sold prior, sold under the hammer and properties selling immediately post-auction,” he clarifies.
Century 21 Grant Smith Property principal Grant Smith says there is no doubt we are seeing a stability in the Coast market that is supporting higher sales figures.
“This is evident through a reduced volume of property coming to the market with a strong buyer pool and market currently looking to secure property,” he says.
“This is forcing properties that may have been seen to be a little overpriced that have been on the market in excess of average days being secured by buyers who aren’t seeing enough new property come to the market.
“We are seeing a consistent level of sales across the Coast. What we are finding is that days on market are decreasing as a number of properties that are new to the market are being snapped up by buyers who have exhausted current stocks and are awaiting new properties.”
The market tracker results showed 21 properties across the Coast were snapped up within 10 days of being listed, with six not lasting longer than a day on the market.
“Where we have seen the highest level increases is where the biggest buyer demand is, we are finding that homes in the $600,000 to $850,000 are the majority of family home sales, as this is increasingly demanded we are seeing a number of these homes achieve results that exceed expectations of both the sellers and the agents,” Mr Smith says.
“The Coast will continue to demonstrate strength as we increase infrastructure. Areas to be aware of are properties with easy access to new infrastructure such as the new Maroochydore CBD hub, the university and new hospitals.”