According to SQM Research and Image Property, the Sunshine Coast housing and rental markets appear to be facing serious under-supply, leading to rapid increases in sale prices and rents.
The number of properties available for sale in the area has hit its lowest level in over a decade. The under-supply in the rental market is even worse, with vacancy rates reaching 0.4%, the lowest in more than 15 years, according to SQM Research.
Matt Nickerson, sales agent for Sunshine Coast at Image Property, said the region's sales market can be attributed to local buyers, contrary to popular belief that interstate buyers are the primary drivers.
“Local buyers are out in force and vying for the few listings available. We have a lot of interstate inquiries and quite a few sales, but it actually prompts local buyers to move as soon as possible, "he said.
Nickerson said low levels of selling inventory meant real estate prices were on the rise, with multiple bids often being the norm.
"With interest rates so low, many buyers are willing to pay a little more to get a property in a place where they will live in the long term," he said.
Regarding the rental market, Nickerson said the area was under-supplied long before the pandemic.
Figures from the Residential Tenancies Authority show that the median weekly rent for a three-bedroom house in the area was $ 490 in December, an annual increase of 6.5%.
"We are starting to see more active investors in the market, which may start to increase the supply of rental properties somewhat," Nickerson said.
Top suburbs:
st marys
,
Dulwich Hill
,
Darlington
,
Mayfield
,
Kariong
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