The new Maroochydore City Centre is helping drive residential property price growth on the Sunshine Coast with new figures revealing double digit increases in top performing suburbs.
Property analyst Terry Ryder revealed in a new report that some Sunshine Coast suburbs had experienced media house price rises of up to 37 per cent in the past year, a growth trend driven by unprecedented infrastructure spending across the region.
“From the recently completed $2 billion Sunshine Coast University Hospital and its broader $5 billion health precinct, to the current expansion of the Sunshine Coast Airport and the preliminary work for light rail and passenger train services, there is more growth happening in this region that almost any other region in the country,” Mr Ryder said.
“The new CBD, being built from scratch on a 53-hectare greenfield site, is at the heart of this growth, providing a centre for the Sunshine Coast’s growing economic and job opportunities while helping to fuel residential price rises across the region.”
The new Maroochydore City Centre, being designed and delivered by SunCentral Maroochydore, was officially opened in August and the first buildings are currently under construction.
SunCentral Maroochydore Chief Executive Officer John Knaggs said other large infrastructure projects, such as the Sunshine Coast International Broadband Network, were also contributing to the region’s economic evolution.
“The growth metrics of the region are all coming together,” Mr Knaggs said.
“There’s been a decade of planning getting to this point, and now the Sunshine Coast is realising these opportunities creatively.”
Mr Ryder said there was $20 billion in projects either recently completed, under construction or approved on the Sunshine Coast – more than more than Canberra, Hobart or Darwin and challenging Adelaide and Perth.
“This can be seen in the property market with values for both homes and units soaring in the past year,” he said.
“We have suburbs like Twin Waters and Doonan where the median house price was up by about 20 per cent and the unit market median price jumping 14 per cent to reach $700,000 in the past year.
“This, combined with strong population growth, puts investors on the Sunshine Coast in the box seat to take advantage of ongoing price growth.”
In his report, The Sunshine Coast: Australia’s Most Compelling Growth Story, Mr Ryder said the population of the Sunshine Coast and Noosa local government areas were tipped to reach 580,000 by 2041.
“Population growth leads to more demand for property and that in turn translates to increased values,” he said.
“In fact, the region is now tending towards a shortage of new dwellings with the Property Council of Australia warning that the Sunshine Coast is at risk of not keeping up with demand.”
Mr Ryder said the Sunshine Coast’s economic and real estate fortunes had risen dramatically as the region expanded and diversified its economy.
“Nothing supports price growth like a booming economy,” he said.
The report revealed the Sunshine Coast had achieved an economic growth rate of more than 4 per cent a year over the past 15 years – well above national averages – and the region’s $17.7 billion economy was expected to expand to $33 billion by 2033.
TOP PERFORMING SUBURBS FOR MEDIAN HOUSE PRICE GROWTH
| SUBURB | MEDIAN PRICE | 1 YR GROWTH |
| Sunshine Beach | $1,600,000 | 37% |
| Twin Waters | $945,000 | 21% |
| Doonan | $1,005,000 | 19% |
| Woombye | $531,000 | 17% |
| Mooloolaba | $835,000 | 14% |
| Wurtulla | $605,000 | 11% |
TOP PERFORMING SUBURBS FOR MEDIAN UNIT PRICE GROWTH
| SUBURB | MEDIAN PRICE | 1 YR GROWTH |
| Noosa Heads | $780,000 | 26% |
| Noosaville | $495,000 | 19% |
| Sunshine Beach | $700,000 | 14% |
| Golden Beach | $440,000 | 11% |
