Chapter 1: What is the main topic discussed in this episode?
It's the Real Estate Podcast brought to you by Ray White, the largest real estate and property group in Australasia. And welcome to another episode of the Real Estate Podcast. Well, we've mentioned the Sunshine Coast is performing pretty well. You could say red hot. And the Sunshine Coast properties with some recent numbers show that typically houses are on the market for just over two weeks.
And 12 months ago, the time on the market for houses was around 30%. 31 days so it's virtually halved so what is the latest medium price i hear you ask well let's find out and bring in dan soden from the ray white marucci door office g'day there dan How are you going? Yeah, very well. Thanks, Craig. Thanks for having me. Yeah, nice to have you on.
Chapter 2: What is the current real estate market like on the Sunshine Coast?
And you're really living the dream, aren't you? Living there on the Sunshine Coast, right in the middle is Maroochydore. Yeah, look, we're certainly enjoying an extraordinary time here on the Sunshine Coast. I've been in the industry 18 years, but lived on the coast for pretty much all my life. And I felt like many times over the course of my career so far...
I've seen my colleagues in Brisbane or Sydney or Melbourne enjoying significant market runs while the Sunshine Coast market was very much dormant. But it very much feels like right now where we're certainly catching up and may even be even leading the trend in many ways. Yeah, I think for sure that you are. And what about currently the medium price? Where is that at at the moment?
Well, it's risen by about 30% over the last 12 months through the Sunshine Coast. And there's a lot of articles now pointing to many suburb-based medians on the Sunshine Coast well in advance of the million-dollar mark. But sitting in Maroochydore, when you combine both apartments and houses in the median sale price, we're sitting at about $850,000 in terms of the median sale price right now.
Wow, okay, significant rise. And we know that delaying a property purchase is extremely dangerous because of a number of factors, not least of all the fact of capital growth is expanding and at some point the interest rate will rise. So Dan, you have some advice around the real cost of renting and lost capital growth versus, say, a 1% change in that all-important interest rate?
Yeah, look, absolutely, Craig. I guess having grown up on the Sunshine Coast too, a lot of my friends who have grown up here as well, we've seen this market rise for probably now the last three years.
And there's always that seed of doubt in everyone's mind that might say, oh, look, you know, the market must correct soon or it needs to change at some point because in some cases we all suffer from that local syndrome.
because people coming from down south are really coming to the sunshine coast so i'm seeing a lot of friends sort of get to that point thinking you know will i buy now or perhaps maybe i might wait for the market to correct a little bit and i think that's there's some significant danger in that
And I guess when you break the numbers down to that point, if the average home on the Sunshine Coast, you know, call it $800,000 for a round number, you know, and you're looking at your interest costs of around 3% for that property, you're looking at around about, you know, $460 a week. When you look at the average rent, the average rent on the Sunshine Coast now is around $600 a week.
So, that's actually what's driving people to buy real estate is the affordability factor on a week-to-week basis driven by low interest rates. But For those that are thinking, oh, maybe I'll delay my purchase because I feel that the market might correct. I guess we've got to anticipate what type of growth we might see here on the coast over the next 12 months, for example.
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