Why million-dollar homes are the now the norm on Sunshine Coast
Property prices are rising once more on the Sunshine Coast and throughout much of Queensland.
House values in the region increased 2.65 per cent in the final quarter of 2024, with 1321 homes sold at a median price of $1.077 million, according to CoreLogic data released by the Real Estate Institute of Queensland on Monday.
In Noosa, there was a 5.63 per cent increase, with 248 homes sold at a median of $1.34 million.
The uplift was even more noticeable statewide, with a 5.9 per cent increase to $810,000 – a boost not seen since the post-pandemic surge in early 2022.
REIQ CEO Antonia Mercorella said Queensland property had demonstrated resilience due to strong housing market fundamentals.
“Queensland has consistently strong economic and demographic fundamentals which underpin our state’s property market performance,” she said.
“Our gross state product growth of 2.1 per cent outpaced Australia’s gross domestic product growth of 1.4 per cent in 2023-24.
“Queensland’s population growth of 2.3 per cent outdid the nation’s 2.1 per cent in the year to last June, particularly our strong net interstate migration of almost 30,000 people: the highest population boost among the states. This high net migration as part of our population mix is significant because it’s made up of more adults, compared to more families from natural increase, and this means a higher proportion of people seeking their own households.
“Queensland property prices held firm despite higher-for-longer interest rates, and we expect they will be invigorated by the recent cash rate cut and associated confidence.”
The December quarterly increase on the Sunshine Coast came after a miniscule September quarterly decrease (minus 0.1 per cent), which was the only dip in the local market since March 2023.
Meanwhile, Noosa was the most expensive market in the state in the December quarter but also the slowest moving (median of 47 days on the market).
The median sale price of units on the Sunshine Coast remained stable at $725,000.
In Noosa it grew 7.27 per cent to $1.02 million and in Queensland it grew 2.38 per cent to $645,000.
Ms Mercorella said the REIQ was concerned that the supply side was lagging behind the demand for properties and the group maintained that new housing needed to stay a policy priority.
In the September quarter, private dwelling completions (8128 dwellings) were below the historical average of 8500 dwellings. The total number of dwelling completions reached around 32,700, well below the required level of about 49,000.
