As the ethos between the nation’s capital cities continuing to change day by day, Sydney is expanding at an exponential rate with its second and Third CBD growing out to the west. Brisbane is beginning to take on the cultures and lifestyles of both Sydney and Melbourne. Adelaide has been suggested to be in desperate need of some major economic drivers and Perth continues to move forwards with its outward expansion.
Some of the nation’s smaller cities have been seeing a remarkable increase in population with the Gold Cost currently sitting at 638,000 and the Sunshine Coast boasting 327,000 residents as of 2016. In a recent article written by The Australian they will continue to grow for another generation. Combined with Newcastle’s population at 439,000 and Canberra’s 429,000, these four cities contain 1.8 million people which is approximately 8 percent of the Australian population.
It could be suggested these record highs are because of the existing links to Queensland’s Capital city Brisbane, with the link between the two Queensland ‘Coasts’ becoming stronger and stronger people are drawn toward the famed ‘Coast’ Lifestyle. It’s quite impressive when you consider that both Coasts exist, as Australians were found to be looking for a more relaxed style of living as a prime retirement destination.
Bringing this back to the current housing situation, we have seen growth consecutively for 5-years in a row. The recorded rate of growth has accelerated over the first quarter of this year, with the combined capital city index being found to be increasing at its fastest annual pace since May 2010. This continual increase in property value has resulted in the price of residential property reaching $7.0 trillion nationally.
With the Sunshine Coast reflecting this same trend and the population continues to grow, the Coast property market is an exciting prospect for potential investors and home owners. The figures show the Sunshine Coast region’s median house price for the quarter lifted 4.8% to $545,000 from the previous quarter and the median for the year rose 6.2% to $552,129. The unit market showing a good level of growth for the last 12 months at 4.4% to $391,262 according to a recent report by CoreLogic.
At present I can imagine that Mooloolaba is being driven by the very limited supply of quality beachside homes and Birtinya & Wurtulla experiencing a lot of new development in part to the Kawana Health Hub which has raised the median sale price for houses by quite a margin.