The Housing Market in Mooloolaba for 2021
Our predictions of the hottest market in decades…
If you’ve been following the housing market at all in the last two years, whether you’re a casual browser or a keen investor – chances are you’ve felt the uncertainty of the housing market. The pandemic has impacted what was already a hot market on the Sunshine Coast, with Southsider’s flocking to the Sunny state by the busload. The temptation of living 5km from the beach mixed with Queensland’s ability to remain relatively well functioning in the face of lockdowns has encouraged people to stop waiting to chase their beachside dreams. Combine this with a sudden, worldwide reminder that life is short – and the result is a booming Sunshine Coast housing market that is seeing homes sold quicker than ever and for a much higher median rate.
The housing market has soared quicker than anyone could predict, even Australia’s best economists, with CoreLogic revealing that the value of homes has soared by 10.6% across the country since mid-2020. The chief of AMP Capital has indicated that house prices could rise by as much as 18% by the end of the year. As affordability pressures limit many potential buyers and more homes are offered for sale to take advantage of the market, house prices are beginning to slow to a steady, albeit increased, rate.
As Australia recovers from the early days of the pandemic and begins to settle into its new normal, low-interest rates, government grants and a sudden need for more space to work from home, has encouraged locals and interstate travellers alike to sell their homes and seek greener pastures. And there is none greener than that of Mooloolaba.
Mooloolaba is traditionally far less active than other Queensland housing markets, being the 301st most active during 2020, however, the past 12 months has revealed more rapid growth than ever. According to Your Investment Property, the median house price in Mooloolaba has increased by 12.71% holding steady at just above the $1m price point. Homes are spending very little time on the market at often less than two months listed, with some sold before listing at all. Investors are looking at a 3.08% rental yield, with renters cueing up around the block for a chance to live in this exciting upcoming region. Available rental properties in Mooloolaba experience around 1100 visits, with many receiving sight unseen applications or upfront payment offers.
Predictions for Growth…
With many enquiries coming from interstate buyers yet most sales remaining local, there is a good chance that we haven’t seen the full impact of the great relocation to the Sunshine Coast, even at this stage where demand is hotter than ever. Where many buyers have been retirees or mature investors before, we are now seeing more families and couples buying homes as employers open opportunities to work remotely. As the population grows, as does the demand on roads and infrastructure, encouraging people to buy as close to the beach or amenities as possible. This can only force prices to rise as the stock begins to diminish.
Many smart sellers are noticing this opportunity and listing their homes, which often sell well above the asking price and without open homes or inspections. Record sales prices are reported in areas such as Kawana Waters and Melany, as COVID-19 has transformed the way that people live their lives.
The Sunshine Coast is a safe and comfortable place to live and work, and families are beginning to escape the rat race for a more laidback lifestyle. House prices are still lower than those found within Sydney or Melbourne, which acts as even more incentive for interstate buyers. Despite Australia being in the middle of a recession and an unprecedented health crisis, the Sunshine Coast real estate market has not dipped in growth or confidence for even a moment. Borrowing is becoming more affordable, banks are becoming more eager to provide guaranteed continued low rates, and quality property is becoming scarcer.
A Sellers Dream Market…
Whether you’re a seller looking to grow your capital, move into a new home or improve your portfolio – opportunities within Mooloolaba will only continue to appeal. Many sellers are hesitant to sell for fear that they won’t be able to buy back into the market, but with diverse and flexible responsible lending options, even this concern will be mitigated.
One thing is certain – your property will sell.
More Than Meets the Eye for Buyers…
The current market for buyers can be daunting, but by keeping in regular contact with agents such as G1 Property, you will have a leg up on the competition with updates and notifications for new listings. The time to buy is ripe while Queensland remains its own protected bubble and locals are given fresh opportunities as they arise. Many regional and acreage-based properties are selling to 80% of local buyers, suggesting there is much more than meets the eye when considering buying or selling on the Sunshine Coast.
Experience the G1 Property Advantage
The Sunshine Coast is a sprawling landscape of opportunity, stunning natural attractions and easy living. It is no surprise that more and more people are flocking to our sunny shores. Whether you’re a local or interstate buyer or a savvy seller, the team at G1 Property can help.
To discuss your future Mooloolaba property plans, contact us today, and you can experience the G1 Property advantage.