Xem thêm

Building Costs, Interest Rates, Migration, and More: What to Expect for Sunshine Coast Property in 2024

CEO Khai Intela
After a surprising year in real estate, experts have revealed their expectations for Sunshine Coast property in 2024. The region experienced record-breaking median prices in 2023, catching many off guard. House values jumped from $993,070...

After a surprising year in real estate, experts have revealed their expectations for Sunshine Coast property in 2024. The region experienced record-breaking median prices in 2023, catching many off guard. House values jumped from $993,070 to $1,085,742, and unit values leapt from $719,817 to $775,197, according to Ray White data. But what can we expect moving forward?

Factors Influencing Property Prices

Supply and Demand

Limited supply and increasing demand were major contributors to the rise in property values on the Sunshine Coast. The region saw an influx of people, leading to population pressure. Rising construction costs also forced many people into the established home market, rather than building new homes.

The median price for dwellings has rebounded in 2023. The median price for dwellings has rebounded in 2023. Picture: Neoval/Ray White

Interest Rates

The cost of finance has been a sticking point in the market. Expensive interest rates have deterred some buyers. However, there is hope that interest rates may be cut earlier than expected, which could fuel the market and contribute to further price growth.

Building Costs

Rising construction costs have been a challenge, pushing many buyers towards established homes. The pricing of established homes has to balance out at some point, possibly leading to more new homes being built in the future. The push for more new homes by state and federal governments may help alleviate the strain on housing supply.

Ray White chief economist Nerida Conisbee. Ray White chief economist Nerida Conisbee

Continued Growth and Challenges

Experts expect property prices to continue climbing in 2024. The Sunshine Coast remains a highly desirable place to live, attracting both interstate and international migration. However, the pace of growth may slow down due to interest rate increases, inflation, and affordability constraints.

House prices have soared during the past few years. House prices have soared during the past few years. Picture: Shutterstock

Housing Supply and Market Trends

The limited availability of housing has been a major factor driving up property prices on the Sunshine Coast. Low advertised supply levels have supported strong selling conditions and upward pressure on prices. The number of listings, migration trends, and interest rates will continue to play key roles in shaping the market in 2024.

Housing supply and affordability are hot topics. Housing supply and affordability are hot topics. Picture: Shutterstock

The Future of Sunshine Coast Property

The Sunshine Coast is expected to see continued growth, albeit at a slower pace, as interest rates and affordability constraints come into play. The region's popularity among internal migrants and limited housing supply will likely keep housing prices on an upward trajectory. However, achieving sustainable growth will require a balance between supply, demand, and affordability.

There are fewer listings on the Sunshine Coast but plenty of prospective buyers. There are fewer listings on the Sunshine Coast but plenty of prospective buyers. Picture: CoreLogic

Planning for the Future

To address the housing challenge, the state government has released a planning framework called ShapingSEQ. This framework aims to deliver almost 900,000 more homes by 2046, with a focus on affordable and well-located housing. The plan includes commitments to social and affordable housing, as well as the addition of residential and employment areas. These initiatives should help meet the growing demand for housing in the region.

Master-planned community Aura has helped alleviate some of the population squeeze on the Sunshine Coast. Master-planned community Aura has helped alleviate some of the population squeeze on the Sunshine Coast.

Conclusion

Sunshine Coast property prices are projected to continue their upward trend in 2024, driven by factors such as supply and demand, interest rates, and migration. However, the pace of growth may slow due to affordability concerns. The region's desirability and limited housing supply will likely contribute to higher prices. Addressing these challenges will require a balance between affordable housing, sustainable growth, and meeting the needs of the growing population.

Help keep independent and fair Sunshine Coast news coming by subscribing to our FREE daily news feed. All it requires is your name and email at the bottom of this article. Help keep independent and fair Sunshine Coast news coming by subscribing to our FREE daily news feed. All it requires is your name and email at the bottom of this article.

1