A flood of units has hit the Sunshine Coast Property Market, creating a wave of opportunity for bargain hunters.
There are 560 new and almost 1100 second hand apartments for sale between Caloundra and Noosa, with agents reporting a 25% rise in recent weeks. The good news for buyers if 770 properties are in the $250k -$350k range – 409 below $300k and rental yields remain strong.
Bill Morris author of the Influential Midwood Queensland Investment Report, said the new unit stock on the Sunshine Coast equated to three years supply at the current sales rate. Mr Morris said the alarming over supply was similar on the Gold Coast with Brisbane oversupplied by 18 months which was in ‘about normal’. ‘The major reason for the over supply related to the general lack of finance available post GFC.’ Mr Morris said. ‘This has seen a price drop of around 20% since late 2007.’
Shaun Johnston, 31 and Adam Heneke 28, are among those to snap up a bargain in the past month. They picked up a 2 bedroom, 2 bathroom furnished unit on the first floor of the Mandolin Complex in Alexandra Headland through Amber Werchon Property for $329,000. Mr Johnston, a nurse at the Nambour Hospital, said he loved the location and facilities, including pool, spa and sauna. ‘I feel like I am on holidays all the time’ he said.
Real Estate Institute of Queensland Regional Chairman Brett Graham said there was a huge range of apartments to choose from and pricing was good, due to the strong competition. Mr Graham said older stock in prime positions, placed in the $400’s and $500’s, was providing strong competition for new apartments priced $600,000 and up.
Source: The Courier Mail