In recent years, the Sunshine Coast has transformed from a small, little-known tourist town to one of the most popular coastal areas in Australia – not just for holidaying but also for living. In fact, the population is growing so quickly – in part due to COVID – that the Coast is now experiencing a severe housing shortage that is impacting the real estate market.
Property prices are directly linked to housing demand, and the current undersupply of homes is pushing up prices. This is good news if you’re a homeowner or investor, obviously, because the value of your property is going up. But it’s not so good if you’re looking to buy or rent on the Sunny Coast, as there’s very little available at the moment. These people are simply being priced out of the market.
Urban growth affects value, too. Properties that are close to key amenities and services like public transport, schools, shopping, recreation areas and hospitals will always attract more people and higher prices. Good infrastructure is particularly important for property investors because it brings long-term capital growth and strong rental demand. The more quality services there are, the more desirable the area becomes. And this means the rental yield and resale value of your investment property will be higher.
The Coast is in major growth mode right now – and has been for a number of years. About $20 billion has been put into building new and upgrading existing infrastructure to help support the region’s development. The Bruce Highway Upgrade, for instance, will greatly improve access to the Coast from major centres such as Brisbane and make it easier to get around, due to better road connections, reduced traffic and more transport.
The ongoing expansion of residential communities is another big project. Lifestyle-focused housing estates such as Aura and Harmony will provide much-needed housing, as well as create new jobs and inject money into the local economy.
Education is also getting a major boost, with the recent opening of two schools in Palmview and one in Baringa. Then there’s the construction of Australia’s largest health and medical precinct in Birtinya, the revitalisation of Mooloolaba’s foreshore and the $2.5 billion development of Maroochydore City Centre, which is a game changer for the region.