Records smashed as buyers set bar higher for Coast property
A RECORD sale for a non-waterfront block in Mooloolaba has been finalised with a local buyer splashing $1.5 m on a Goonawarra Street property.
The sale by Brenda Millan of Kevin Annetts Real Estate sets a new watermark for properties in the Mooloolaba precinct.
Agency principal Kevin Annetts said the buyers were a family wanting to be close to the beach and local schools for their children.
He said older homes in Brentwood Avenue were also achieving remarkable prices based purely on perceived land value.
One local buyer had recently spent $740,000 on a Brentwood Avenue property he intends to demolish and replace with a new design.
Mr Annetts said rather than buyers flooding the market cashed up after the sale of properties in Sydney and Melbourne most of his agency's inquiries were coming out of south east Queensland and from existing residents.
"There's solid interest among buyers with a combination of owner/buyers and investors," he said.
"But we still have a shortage of stock."
New records have also been set for Sippy Downs with Amber Werchon Property reporting sales agent Jared Young auctioned an Albany Street home for $830,000 to local buyers.
Competition was fierce from eight registered bidders.
Ms Werchon said the agency was seeing many properties sell before they were even advertised.
"Buyers know what they want and are ready to act as soon as a property becomes available that suits their needs," she said. "I believe this is going to be even more apparent as we enter the new year as demand will be high."
REIQ Sales Agent of the Year finalist Tristan Brown said he had seen a strong contingent of interstate buyers from northern New South Wales. Many buyers were also coming from Brisbane and South East Queensland as well as Western Australia.
Mr Brown set a new suburb record for a three bedroom, one bathroom home on Image Flat Road in Nambour sold in November for $462,500.
A lack of stock was proving an issue in the hinterland with Martin Fisher of Elders at Woombye saying properties for sale were down 20 per cent on this time 12 months ago.
"The march north continues unabated," he said. "But people are reluctant to sell because I think they don't know where to go next."
On the Maroochy River north shore Jay Pashley of North Shore Real Estate said prices had returned to pre-Global Financial Crisis levels.
"I don't think we've started yet," he said.
Like Mooloolaba Mr Pashley said sales were occurring in Mudjimba and Marcoola with buyers intent on knocking down existing structures and replacing them with new homes.
"We've been seeing that at Sunshine Beach and Peregian for a decade," he said. "Now it's increasingly occurring here."
A new development immediately north of Surfair would price 180-240sq m lots from the $500,000s to the low $600,000s while a vacant block off the beach at Town of Seaside had sold for just under $800,000.
"Where we would have 30-40 inspections on a property we are now getting over 100 on anything," Mr Pashley said.
He said while there were a lot of Brisbane buyers now in the market, cashed up southerners were beginning to make their presence felt.
"The Sunshine Coast market is particularly attractive because it's being supported by significant infrastructure spending," Ms Werchon said.
"Property prices have steadily increased throughout 2017 and we anticipate this to continue into 2018.
"Home buyers, encouraged by the lifestyle factor and low interest rates, have entered the Sunshine Coast market looking to reap the rewards for many years' time, as a growing population will mean growing demand for a slice of our beautiful Sunshine Coast lifestyle."