Noosa may have achieved a record unit sale price of nearly $7 million recently, but the prestigious enclave isn’t one even of the top performers on the Sunshine Coast.
Domain Group data for the top 10 suburbs for annual price growth found six suburbs that recorded double-digit increases – and none of them were Noosa.
Coolum Beach posted 20.8 per cent growth to $682,500 with nearby Mooloolaba achieving 17.3 per cent to $762,500.
Sunshine Coast-based Gordon McDonald of The Auction Group auctioned the record Noosa unit sale, which he said was a sign of the strength of the prestige market.
But in beachside suburbs south of Noosa he said you could get you much more bang for your buck.
“The spotlight is on Noosa, but you can buy a three-bedroom apartment on beachfront Hastings Street for $6.9 million or you can go down to Peregian Beach and get a house, absolutely beach frontage, for sub-$2 million,” he said.
“About $1.7 million to $1.9 million will get you absolute beach frontage in Peregian Beach or Marcus Beach.”
The Sunshine Coast market had been strengthening since 2015, he said, with interstate buyers also active.
The entrance of southern buyers was having an impact on prices, he said, which meant locals needed to be more aware of their competitors.
“The locals are like: ‘These prices are just ridiculous. How can we ever afford this?’ and the southerners come here and they’re like: ‘Oh my God. This is just unbelievable value. We’re not even going to hesitate paying full price. We absolutely love it here’.
“The locals need to understand the competition,” he said.
Mountain Creek came in seventh for annual price growth – posting an increase of 9.5 per cent to $591,250, according to the Domain Group data.
The suburb, which is located much closer to the beach than the name suggests, has long been in hot demand from buyers because of Mountain Creek State High School, which boasts sport and art schools of excellence as well as the prestigious International Baccalaureate program.
In fact, local resident Chris Norton bought in Mountain Creek specifically so his daughters could attend the school.
“That is why we sought it out. I used to be a teacher so education is pretty important,” he said.
“Properties don’t last very long and this time of the year people are trying to get in to plan for next year as well. It’s pretty tightly held because people want to get into that school – that’s the main driver.”
Mr Norton also set up his business, Intuitive Finance, in the suburb and said that demand for properties remained strong.
But to have any chance of securing a property in Mountain Creek or on the Sunshine Coast generally, he said, buyers needed to have their finance organised sooner rather than later.
“They need to have their finance organised in advance – pre-approvals rather than going and finding a house and then strolling into the bank and expecting that they’re going to be able to compete. Those days are gone,” he said.
“I might have timed it pretty right even last year. I bought in September last year and then something came up on the market earlier this year on the same street and it lasted four days on the market.”
Mr McDonald said that with renewed interest from southern buyers, he was expecting a busy start to 2018, with young families making the move north as well.
“Sydney and Melbourne do nothing in January whereas it is one of our biggest months. There is a lot of property transacted in January,” he said.
“One of the most satisfying parts of my job is selling a property to a young family in their 30s that are breaking away from Sydney or Melbourne and moving to the Sunshine Coast. I can see how life-changing that is for people.”
Originally Published: www.domain.com.au