The latest Queensland Market Monitor Report has been released by the Real Estate Institute of Queensland (REIQ) and ranks the Sunshine Coast as one of the strongest performing markets in Queensland.
In the past year, a typical house on the Sunshine Coast increased in value by $31,250, to reach an annual median price of $576,250. Unit prices in the Sunshine Coast local government area increased 2.8 per cent, to $405,000 in March 2018. The volume of annual sales in the Sunshine Coast fell 12 per cent for the past year, from 5,985 transactions in March 2017 to 5,268 sales in March 2018. Market trend indicators showed characteristics of a market wherein supply is falling and demand is increasing, supporting the upward pressure on prices.
The fastest-selling suburbs for all houses, ranked by the shortest median days on market for the year to February 2018, were the following:
- Battery Hill (18 days, $577,000)
- Pacific Paradise (21 days, $465,000)
- Currimundi (24 days, $531,000)
- Sippy Downs (25 days, $500,000)
- Palmwoods (26 days, $499,000)
Median days on the market for the Sunshine Coast fell from 49 days in February 2017 to 43 days in February 2018.
The Sunshine Coast region has been the state’s biggest winner in the 2018 Federal Budget. The Federal Government has allocated $3.69 billion to support infrastructure spending in the Sunshine Coast, which represents about 72 per cent of the state’s allocated funding of $5.2 billion.
Beerburrum to Nambour Rail Upgrade
The $722 million Beerburrum to Nambour Rail upgrade was the only Queensland project making the Infrastructure Australia’s priority project list in early 2018. It has been classified as a priority project, which means that the project addresses a nationally significant problem or opportunity. The 2018 federal budget has allocated $390 million to the project. The business case identified the need of federal funding of $578 million or about 80 per cent of the estimated capital costs.
Bruce Highway
The 2018 federal budget has allocated $3.3 billion to the Bruce Highway project, including $880 million for the Cooroy to Curra Section D and $880 million to the Pine River to Caloundra section of the highway.
If you would like an emailed copy of this full report, which covers Queensland as a whole, please contact marketing@amberwerchon.com.au with “QMM” in the subject field and we will email you a copy.