News

Short Term Pain Long Term Gain

By Dan Sowden

Property owners to see plenty of ‘blue sky’ on the back of local Development

There is no doubt the Sunshine Coast has a lot to talk about in 2018, we are continuing to ride the wave of some of the largest infrastructure projects undertaken in the country. Its exiting, its topical and its dominating our news feeds everywhere we look. But is there a downside that we need to consider?

What about those residents who are largely not directly involved in the property industry but live on the edge of all this development. Increased noise and traffic, and in some cases road closures, can and will disturb our quality of life. So why put up with it? What is the win for us all in the end?

Over the years we have seen on many occasions a number of development surges on the Sunshine Coast where over a short timeline a lot really happens, leading property prices to rise on the back of this rapid development. The proof is everywhere and is most likely occurring in a street near you. Let’s say you live in a typical street where the average home sells for around $550,000, then over the course of a few months two or three of these properties are sold, removed and new homes built or completely renovated. The value of these new homes could quite possibly be over the million dollar mark, lifting the average value of the whole street.

We also see the same in the apartment market; where on some esplanades we see new buildings being built and new apartments being sold off the plan or on completion for nearly twice as much as what an existing, yet older, apartment may be worth.

The end result is new developments create a new ‘blue sky’ for established property values in the area, it’s certainly worth persevering as a property owner with a little short term pain, because the long term gain will be just around the corner and far outweigh the inconvenience.

image courtesy of Suncentral
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