Sunshine Coast

The Smartline Report – April Edition

The month in review: Sunshine Coast

By Herron Todd White
April 2015

The land market on the Sunshine Coast has improved significantly. The graph below shows the number of sales of new residential allotments on the Sunshine Coast in recent years. It highlights the cyclical history of allotment sale numbers. New allotment sales reached a peak of around 2,800 sales per annum in 2003, but subsequently contracted to a 20 year low of approximately 600 sales in 2011. The market has been steadily rebuilding since 2011, reaching approximately 1,400 allotments sold in 2014.

Number of New Residential Allotment Sales on the Sunshine Coast

SunshineCoast-April15

The graph below shows the number of sales of new residential allotments per annum in each of the three Sunshine Coast vicinities. It indicates a significant shift in the locational pattern of new allotment sales over the period, away from the Noosa vicinity towards the Caloundra vicinity.

Location of New Residential Allotment Sales on the Sunshine Coast

SunshineCoast-April15-2

Lot Sizes of New Residential Allotment Sales

SunshineCoast-April15-3

Price Brackets of New Residential Allotment Sales in 2014

SunshineCoast-April15-4

The biggest shift in the land market is the breakdown of allotment sizes for new vacant residential allotments as seen in the below graph. It shows that while the market sustains a broad spectrum of lot sizes, ranging from sub 450 square metre allotments up to large lots from 1,200 to 2,400 square metres, sales of new allotments of less than 450 square metres have grown as a proportion of total new allotment sales to become the most common category by far of new allotments sold over the past three years. The average size of new vacant residential allotments sold has reduced over the period shown from 802 square metres in 1994 to 586 square metres in 2014.

Subsequently this reduction in lot sizes has allowed developers to provide more affordable land. The graph shows the delineation of price ranges for new vacant residential allotment sales in 2014. The average allotment price across the entire new allotment market in 2014 was $256,700, somewhat above the $231,500 median new allotment price as a result of the extended tail of new allotment prices into the $500,000 plus category. Whilst there is significant clustering of land sales in the sub $300,000 price categories, the strength of the other categories indicates that the Sunshine Coast land market maintains a wide spectrum of price points.

www.smartline.com.au

Please note that information in this publication is subject to change without notice. Smartline assumes no responsibility for any errors, omissions or mistakes in this document. © Smartline Home Loans P/L 1999 – 2015. Australian Credit Licence Number 385325

 

Share on:

DISCLAIMER: The information contained in this article is correct at the time of publishing and is subject to change. It is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, Smartline recommends that you consider whether it is appropriate for your circumstances. Smartline recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.