With such a rapid increase in property values locally here on the Sunshine Coast, it is important to place even more emphasis on further knowledge and research. As the Coast is fills with more and more people, we are going to need more knowledge of our local economy. Recent research from the National Cities Performance Framework Report, has indicated that the coast is the most expensive place to live in Australia relative to household incomes.
Being placed fourth amongst the fastest growing regions in the country, the demand for housing is at the highest it’s ever been. The report also showed that the Sunshine Coast was one of the most unaffordable region to live in when considering household income and rental expenses and even more expensive than Sydney and Melbourne.
Housing group Coast 2 Bay CEO Andrew Elvin said that more than 30 per cent of a household’s income would be put towards the rent or a mortgage, which ultimately results in rental street. Andrew also noted that the supply and demand is completely out of kilter at present, and is all a result of people coming to the Sunshine Coast looking to position themselves in one of the fastest growing regions in the country.
None the less, a major factor to consider in this tricky situation between supply and demand for housing on the Sunshine Coast is that very low rates of public and community housing places exist. Accordingly, the Coast holds roughly half the amount of availible community housing when compared to other regions in the nation, making it a difficult and timely process to acquire housing for many families and low income earners.
Ultimately we need to help ease the pressure and potentially solve this issue of rental stress and housing affordability, Andrew Elvin pointed out that the Federal Government need to encourage greater investment in housing across the Nation and not just in hot beds such as Sydney, Melbourne and the Sunshine Coast. The Aura development and Maroochydore CBD could help alleviate much of the stress, Coast 2 Bay also suggested that the local government could look to transfer the management of social housing to the non-government sector. In doing so this would enable third party payments and investment that would help alleviate the issues in the region.
Ultimately, people just want to call the Sunshine Coast their home, as do so many others flocking to the region in the very near future.