News

Sunshine Coast property outlook holds strong with rate drop

July 3, 2019 | IN Media Release and News | BY AVID | 3 min read

The Sunshine Coast property market is going from strength to strength and with the Reserve Bank of Australia having cut interest rates to a historic low one per cent, now is the time for buyers to reconsider the market and purchase a new home.

Despite national headwinds, prospects for the Sunshine Coast housing market have remained positive and the strong local economic fundamentals, including positive economic and population growth, are expected to support prices in the short-term and provide the foundation for strong growth in coming years.

AVID Property Group (AVID) General Manager Queensland Bruce Harper commented that sale enquiries for AVID’s masterplanned community in Palmview, Harmony, had remained strong with the stabilisation of the Australian Government and he expected this to only increase with the interest rate cut.

“The Sunshine Coast market has continued to move from strength to strength – particularly post-election which has seen a lot of positivity in the media from industry experts,” Mr Harper said.

At Harmony, post-election we are experiencing great visitations to our display village – Harmony Display World – and have seen an increase in enquiries from prospective buyers.

“Earlier in May, Harmony welcomed it’s 300th family and we are well on track to welcome our 500th family by the end of July this year.”

The Sunshine Coast’s population has grown over the past few years and demographers are projecting that the population will continue to surge at an annual rate of 2.5 per cent to half a million by 2040 1.

This is a clear indication that the Coast is fast becoming one of the most desirable addresses in Queensland due to its dynamic housing market meeting the needs of multiple segments including interstate migrants, local residents, retirees and young families.

As a result of this regional growth, the Sunshine Coast has seen a strong pipeline of significant infrastructure projects in the region including the Sunshine Coast Health Precinct, an expansion to the Sunshine Coast Airport, an international submarine cable and upgrades to the Bruce Highway.

These projects bring with them a wave of skilled professionals to the area, boosting employment rates in line with the Queensland average of six per cent per annum 2 – further increasing housing demand and in turn boosting the local market.

“The new health and airport infrastructure projects have opened up the Sunshine Coast to both international visitors and a growing number of interstate migrants looking to take advantage of the Coast’s lifestyle and growing economy,” Mr Harper said.

“With so many new residents from different cultures and backgrounds joining the Harmony family, the community is not just a place to call home – it plays a vital role in encouraging social interaction, friendship and neighbourly connection.”

As the Sunshine Coast grows, residential developments like Harmony will grow alongside it, with an estimated 4,800 new homes set to be built over the next decade to accommodate the anticipated 12,000 residents who are expected to call Harmony home.

This weekend, AVID will launch land release 9B in its Unity neighbourhood, with 30 new blocks of land available.

Catering to a variety of lifestyles and budgets, blocks in Unity release 9B are available from 250m2 to 415m2 and range from $228,500 to $282,500.

For more information on Harmony, visit www.harmonyliving.com.au or visit Harmony’s Sales and Information Centre off Harmony Boulevard, via Peter Crosby Way, Palmview.

1 RPS Group:Sunshine Coast Economic and Housing Market Profile, 2019 (page 3)

2 RPS Group:Sunshine Coast Economic and Housing Market Profile, 2019 (page 3)

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