Friday, 27 September, 2013
Strong apartment sales are a signal that the tide is turning for the Sunshine Coast property market. Maroochydore-based development Emporio has recorded a substantial 50 apartment sales in just seven months. At the same time there has been a spike in sales of existing units and townhouses in the Mooloolaba- Alexandra Headland and Maroochydore and Maroochydore coastal areas.
This mirrors the Real Estate Institute of Queensland June quarter median unit and townhouse price report that found the preliminary volume of sales increased nearly 40% between the June quarter this year and the same period last year. There was also a 15% lift compared to the March quarter this year. Reed Property Group sales and marketing manager Jason Kollanyi said the impressive sales in 3 Emporio Place were indicative that the market was now inching its way upwards. “Independent property valuation and advisory group Herron Todd White has been reporting that the Sunshine Coast property market has been at the bottom of the property cycle for some time now,” Mr Kollanyi said. “It was only a matter of time before we started to experience an upswing and the keen interest we have seen in Emporio certainly indicates strong signs of movement in the market.
“Investors, in particular, are looking for the value-for-money properties in the right location and the Maroochydore CBD is certainly proving attractive.”
Mr Kollanyi said the strong sales numbers could also be attributed to the apartments in stage two being cash-flow positive after tax for investors. “Generally, investment properties are purchased with a focus on generating returns over the long term. “Emporio investors are certainly set to benefit in this way due to the central location and the major infrastructure projects nearby. Investors are also able to reap positive returns in the short term as a result of the tax incentives on offer. “We have had interested parties from across Australia who all see Sunshine Coast as an attractive option for capital growth, given the projections for the region in the coming years.”
Mark McGill, of Amber Werchon Property, said Alexandra Headland has especially seen an absorption of units from the market place, leaving very few available for sale. “The time to buy in Alex was five months ago,” Mr McGill said. “There is a more supply-demand driven market rather than a comparison method based on past sales. “With less available choice, we are seeing more buyers’ competing for the same property. “With Alex being a desirable area, and a number of buyers now missing out on their first choice, we are seeing more willingness by buyers to act decisively. “We are also seeing better quality units become available, such as Panorama and Esperance, which were both exceeding $600,000, and the sale of a penthouse in Karmasea exceeding $1million.
“Two-bedroom units with ocean views are now exceeding the $400,000s where in the past few years that was always the glass ceiling.” Mr McGill said many of the units have also undergone renovation which is also increasing values.
REIQ chief executive officer Anton Kardash said the Queensland unit market was mirroring the burgeoning strength of the housing market. The report has found there had been a shift in demand on the Sunshine Coast with a significant increase in the numbers of sales compared to the same period last year. While the median price for 12 months was down 0.4% the focus on lower priced properties for the quarter saw a drop 7%.
Sunshine Coast Daily 14th September 2013
Tags: Apartment Living, Strong Sales, Trending
Posted in Press Clippings
