Rich Harvey - Why The Sunshine Coast Is Booming
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What factors are impacting the Australian property market in 2022?
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, available on iHeartRadio, also on Google and Apple Podcasts, or wherever you get your podcasts from. Well, it's another Friday morning, which means another episode from the podcast series, Let's Talk Property. And the first three months of this year, I've got to say, have delivered some tough messages to all Aussies, including property owners and investors. With floods on the East Coast, potential fallout from the Ukraine conflict, the uncertainty around the upcoming election, and of course the worry about rising interest rates, there's a lot for people to think about and to digest.
But hopefully, hopefully there is a silver lining coming. we could be entering a return to normal period in the national property market cycle. And that means that not all markets will perform in the same way. And there are ways to take advantage of this. Unlike 2021, when almost every location enjoyed strong capital gains, In 2022, you will need to be more selective on where you choose to invest. And one of the regions that we've seen with great potential is the Sunshine Coast in Queensland. And to help us understand this better, we're joined by Rich Harvey, buyer agent and CEO from propertybuyer.com.au. Good morning, Rich. Welcome back to the Real Estate Podcast. How was your week? Ah, good. Thanks, Craig.
And it was a lot drier than it was last week, I tell you. So with the deluge we had the week before, it was nice to finally see the sun poking its head through the clouds. Yeah, yeah. May that continue. Well, as we mentioned, you know, the Sunshine Coast, we have featured on the podcast before. And for people living in another state, they might not know what the main towns and regions are that make up the Sunshine Coast. So perhaps we could start there. Sure. So, look, the Sunshine Coast, it's often sort of not thought of. People think of the Gold Coast in Brisbane, but just an hour to an hour and a half north, depending which part of the coast you head to, it's a very short hop, skip and a jump from Brisbane.
The main towns, it really extends from Caloundra in the south right up to Noosa Heads in the north. And some of the main towns include Caloundra, Malula Bar, Maroochydore, Markoola, Coolum, Sunshine Beach, Rainbow Beach. And then you've got the hinterland areas. So places like Gympie, Umundi, Yandina, Nambour, Mapleton, and then the beautiful little townships of Montville and Mullaney. So it's a real mix of an eclectic mix of areas full of some beautiful coastlines, some stunning mountain ranges, the Glasshouse Mountains there. And you've got some beautiful farmland, very, very fertile, very high rainfall, and then some really quaint villages and some cool cosmopolitan hubs that make up the Sunshine Coast.
Yeah, Mooloolaba is one of my favourite places for sure. And it's worth highlighting what has happened with growth on the Sunshine Coast over the last two years. It's been absolutely spectacular. Like a lot of parts in Australia in the last two years, which has seen outstanding growth, the Sunshine Coast has also been a standout market. A lot of people have been driven there simply because they can now remote work and re-evaluate their lifestyle choices. And so many people have flocked there But in terms of the actual numbers, Craig, that have eventuated over the last two years, last year, last calendar year, 32.8% increase in houses, 17% increase in units. The year before, in 2021, we saw a 13% increase in houses and a 7% rise in units.
So if you go back 10 years and look at the 10-year averages, houses have performed an average of 8.3% per annum and an average yield of 4.7%. So you've had a total return on houses of 13.5%. For units, you've had a 10-year average capital growth rate of 4.5%, an average yield of 5.4% and a total average return of 10.2%. So it just goes to show it's been a very, very strong market.
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