Sunshine Coast property prices continue to tumble but they are still well above pre-COVID levels.
The latest data from real estate expert CoreLogic showed local house values declined by 11.8 per cent, to a median of $972,891, since their peak of about $1,104,000 in April.
The quarterly figures to December showed unit values were down 10.5 per cent, to a median of $704,480.
But house prices are still an impressive 35.5 per cent higher in value than they were at the onset of the pandemic in March 2020, when they had a median value of $723,103. Unit prices are 34.6 per cent higher.
CoreLogic research director Tim Lawless said the current trend of falling prices was widespread.
“The decline in housing values is something we are seeing around the country as interest rates rise and consumer sentiment remains around recessionary lows,” he said.
“Sunshine Coast housing values are falling faster than Brisbane, where house values are down 9.9 per cent since peaking. However, Brisbane’s growth cycle wasn’t as dramatic relative to the Sunshine Coast either.”
Mr Lawless expected prices to continue to drop.
“Values are likely to continue falling while interest rates rise, but could stabilise after rates find a ceiling,” he said.
There was a stunning rise in prices around the region after the onset of COVID, followed by the recent decline.
The cycle was most significant in the Noosa hinterland, where house values surged almost 70 per cent higher than pre-COVID levels, before falling almost 15 per cent.
Meanwhile, rental markets remained tight, with vacancy rates across the region holding around the 1 per cent mark.
Mr Lawless said investors still stood to benefit and there was likely to be little relief for renters or prospective renters.
“It’s likely rents will continue to rise through 2023, with no sign of a rise in rental supply, while on the demand side, overseas migration and high internal migration rates continue to add upwards pressure on rents,” he said.
Rise and fall
Data is for median December value; per cent price rise (from March 2020 to April 2022); and fall (from April 2022 to December 2022).
- Sunshine Coast: $972,891; +53.5; -11.8.
- Buderim: $960,122; +46.9. -13.4.
- Caloundra: $961,212; +52.4, -9.7.
- Maroochy: $1,142,465; +52.8, -13.7.
- Nambour: $797,102; +60.5, -11.8.
- Noosa: $1,294,089; +59.8, -15.
- Noosa hinterland: $1,069,632; +69.5, -14.5.
- Sunshine Coast hinterland: $883,086; +56, -9.6.
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