INTERSTATE migration is once again driving up demand for Sunshine Coast property.
New analysis of the market by RiskWise Property Research predicts solid capital growth for the region as a result.
RiskWise CEO Doron Peleg said the area had experienced “consistently strong population growth’’ in the past five years and predictions were that this would continue.
The Sunshine Coast market has been widely tipped by real estate analysts to experience a lift in prices, after a series of lean years.
The high-end Noosa market in particular has fired up again with a series of record breaking beachfront sales, but it was also the affordability of many of the Sunshine Coast suburbs that Mr Peleg said was helping attract new residents.
“The area’s affordability has been a major drawcard behind this migration, especially for large numbers of interstate purchasers who can’t afford to buy such great lifestyle properties in places like Sydney and Melbourne,” he said.
Also helping drive demand and future capital growth, according to Mr Peleg was the low number of building approvals in the region.He said there were only 3323 house building approvals in the pipeline across the entire region and that would be quickly absorbed.
There are also approvals for 2581 new units to be added in the two years.
Mr Peleg said there had already been 7.1 per cent median house price growth for houses on the Sunshine Coast and 5.4 per cent median unit price growth in the past 12 months.