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Sunshine Coast Real Estate Market in February 2011

The following post was provided by David Tyson from Sunshine property company valuation Costa, Valuations Platinum. Dave can be contacted on 0438 721 845

Sunshine Coast Property Market Conditions

Current housing market is characterized by depressed prices and strong market conditions buyers = great time to buy, but not a good time to sell. The total number of sales has dropped dramatically from 2006 -07 peaks. Agents report tough negotiations in the past 12 months, with sellers often willing to meet the market. If the property is a sale price that will sit on the market with limited interest. first home buyers are as rare as hens' teeth today.

Influences on the local market

• Increasing pressures on the budget households due to price increases in the cost of living for example fuel, water, electricity and food
• Rising unemployment local, where the 3 pillars of local employment - Construction, Trade and Tourism are under considerable pressure due to difficult conditions in each sector
• Increasing cost of supply of land for developers, due in part to delays in the planning and approval of environmental costs and added approval requiremental
• Decrease in net interstate migration
• Interest rate increases last year removing and disposal income decline in housing affordability
• Banks tightening credit in loans for land subdivision and development of units to make the maximum viable projects
• (From statistics EIS) Decrease in QLD new housing permits in December 2010 to trim 15.9% and QLD housing starts down 25% in the December 2010 Quarter
• The loan renewal

What does this mean?

As we have seen the value drop in the price levels of the peaks in 2007 between 10-30% depending on location and the type of product. The investment market has been worse than the market with buyers become owner-occupiers to thin on the ground and be able to command significant discounts in the prices of a few years ago. We are seeing more sales of mortgage possession of what we've seen for 15 years locally. The upper end of the market has been saved with the price rate is often reduced to peel the bottom half markets. We are fortunate that at the local level have been spared the effects of recent floods and the cyclone that hit areas of the Costa del Sol region affordable coastal areas have fared a little better than the average price for top places.

Conditions difficult market have claimed the following developers and local projects in the past 18 months:

• Elysee $ 400 million development Noosa
• Noosa Blue Resort Noosa
• Noosa development Attunga Heights
• $ 300 million Viridian Resort Development
• $ 210 Noosa Sanctuary Development
• Adenbrook a homebuilder locally large
• New Image of a smaller builder local
• S & L Developments-Scott Juniper (Graeme son of renowned local developer Juniper)

Most events have been placed in the mothball projects considered economically feasible.

As appraisers we are seeing a significant amount of our workload Most recent refinancing and smart buyers to obtain property valued before purchase. If you are a buyer who is on the right side of the equation supply and demand so not all doom and gloom. Remember, if you buy and sell in the same market then the relative loss and gain must be put in perspective.

About the Author

Ian's family are his major focus and he enjoys watching his young teenage boys Mitchell (14) and Jos (11) grow up and have fun doing whatever it is teenage boys get up to. He is married to Caron who is also a major part of the Mortgage Choice business.

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