Welcome to the first WOODS newsletter, featuring the latest news and opinions on our local Sunshine Coast Property market.

To kick things off, I’m covering the market drivers that, in my opinion, place our region in an enviable position in the medium to long-term.

It can often be difficult to seperate the macro economy and our national property market from what’s happening locally. So let’s take a look!

Since the RBA began tightening monetary policy in May 2022, the 12 subsequent rate hikes have created a barrage of negative mainstream media reporting around the future of our property market. 

In many ways, the bluster and hype of media reporting has had exactly the impact intended by the RBA - to create caution in how we spend and invest our money, thus slowing the economy and reducing inflation. 

However, as we start seeing the first signs in other western economies that inflation is easing and rate hikes may be nearing an end, it’s timely to remind ourselves of the unique strengths that make our local market so attractive into the future.

1. Cultivating a high-value economy

Our local economy is growing fast. By 2033, our region’s economy is forecast to double, and by 2041, the local economy is forecast to have created 100,000 new jobs according to Sunshine Coast Council.

Many of these will be higher paid skilled jobs as our local tech, finance, education and professional services industries continue to grow. These jobs will enable our residents to enjoy higher disposable incomes, increasing the prosperity of our region. 

2. Continued population growth

The Sunshine Coast’s population is forecast to grow to over 500,000 people by 2041. That’s an additional 160,000 people, or a 45 per cent increase from where we are today.

To house our new residents, an additional 100,000 new dwellings are needed just to meet demand. As our population grows, demand for central and beachside property will continue to grow as demand outstrips supply, driving above-average price growth.

3. Infrastructure investment

The Queensland Government has announced plans to increase infrastructure spending ahead of the Brisbane Olympics in 2032. 

This includes major projects such as the upgrade of existing road networks and public transportation systems, making the Sunshine Coast a more attractive and connected place to live, and continue to increase demand on our existing housing.

4. Sea change/tree change status quo

During Covid, the Sunshine Coast was one of the most Googled real estate searches nationally according to Domain. 

As working patterns have changed with technology, our region is now well and truly on the map as an outstanding place to live and work. 

The influx of residents over the covid period has created new networks and family connections, from where the Coast will continue to attract skilled workers who choose to base themselves here.

So where to from here?

As we move into the second half of 2023, these factors are all leading indicators of a region with a lot to be optimistic about. 

As I mentioned at the beginning, local markets can follow different trajectories. Our region’s median house price doubled in 8 years according to the PropTrack, from $492,500 in early 2015 to $985,000 in May 2023.

Nationally, houses have taken 15.4 years to double. Only 11 regions (out of 107 statistical areas) have seen house prices double faster than the Sunshine Coast. 

If you combine our region’s stellar growth of recent years with the unique drivers above, I’m confident of a bright future for our property market.

Stay tuned for our next newsletter and please contact us if you would like an honest appraisal of your property - we have a great launch offer running!

Thanks,

Phil