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Locals hit back at Kochie's advice

The Koches' report made comments like
The Koches' report made comments like "the property catastrophe under way in places like the Sunshine and Gold coasts", and the coasts' "slowly deflating residential property values". Submitted

TELEVISION personality David Koch has told investors to stay well clear of the Sunshine Coast.

The Channel Seven Sunrise host made the comment in the same week as Bureau of Statistics figures showed good improvement for November.

It had Coast home building approvals up 18%, while the Sunshine Coast Council's official figures were even better - up 25%.

Council home approvals for November were worth $34.5m, up $6.5m on the previous month.

Mr Koch made his comments about the Coast as part of his 2012 investment outlook, with wife Libby.

The Koches' report made comments like "the property catastrophe under way in places like the Sunshine and Gold coasts", and the coasts' "slowly deflating residential property values".

Mayor Bob Abbot said the Coast needed people who wanted to settle and live here, not investors.

"I like to think we are about mums, dads and their kids and being a place they want to stay and live," he said.

Coast Real Estate Institute of Queensland chief Lloyd Edwards said the Koches had it wrong anyway.

Mr Edwards said they had misread the data.

He said the Coast's latest home building figures for November could indicate a turnaround.

"These are hard facts, reality - not just an opinion," he said.

Mr Edwards said the Koches had also made the mistake of lumping the Sunshine Coast in with the Gold Coast.

"They are totally different markets. Homes are central for us, not high-rise," he said.

Mr Edwards said the Sunshine Coast was the place people wanted to live.

"Ask Therese Rein and her husband, or Richard Branson or David Williamson ..."

Meanwhile, Master Builders Association regional manager Stephen Robinson greeted the Coast's latest home building statistics with cautious optimism.

Mr Robinson said other building sectors, such as commercial and units were "lumpy".

The council's development service director Julie Edwards said the November figures represented a significant spike.

Ms Edwards said other factors, such as the rundown of the $10,000 State Government building boost, may have swelled applications.

The boost has since been extended.

She said the proof of whether the figures indicated a turnaround would not come until February-March.

Topics:  advice david koch investors property



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