Sales & Rentals Update

Market Overview

2020 has been a difficult period to forecast how the residential property market would perform. One of the major concerns was around the impacts of the bushfire crisis. There was also the impact of local and state elections during 2020 as future concerns. The underlying local market fundamentals were however strong and our overall thoughts were that we would likely see the market continue to show steady improvement during the year. There was even greater concern around COVID-19 and how it would impact on our economy and the property market. Most markets on the Sunshine Coast have continued to experience good levels of demand that resulted in increased sales volumes and upward pressure on values.
When COVID-19 started to bite in mid-March, we were coming off extremely low stock levels. This was different to the most recent market downturn, being the 2008/09 global financial crisis when there was more stock on the market and there was some resistance to asking prices at that time. There have been no signs of a significant increase in property listings and we have not been flooded with vendors who have been panicked into selling their properties.

 

On the rental side, some holiday rental property owners have instructed their property managers to fill the void left by the non-existent holiday rental market and fill their vacancies with permanent rentals. We have also seen Airbnb holiday rentals being advertised for three to six month rentals on Facebook and other social media sites. These investment and holiday home properties could come under increasing pressure should the restrictions be prolonged.

The big learning from trying to compare the COVID-19 impacts with those surrounding the global financial crisis is that they are nothing alike. The state and federal government stimulus packages on offer and continuing to evolve are unprecedented. The support being offered by the finance sector in business and home loan relief is also huge. The combination of all these strategies and the low interest rate environment are playing a massive part in minimising the damage to the economy of which property makes up an enormous part.

Some Recent Success Stories in Sales & Rentals!

Sale at $1,200,000 in Yaroomba
Sold sight unseen to a Victorian Buyer, inspections were done via Video call, lots of emails and phone calls.

Rental Update
$850 per week – New to the property Market a Mount Coolum was was rented with multiple applications
Arrears – 1.3%
Vacancy Rate- is under 0.5%
3 Properties rented last week before they hit the rental market

Central Coolum is Hot!
15 Palm Avenue – Sold $1,260,000
27 Spindrift Avenue – 60 buyer inspections with 7 offers- Sold

Hot Auction!!
1/43 Perry Street – 72 Buyer Inspections, 4 Pre-Auction Offers, 13 Parties Registered To Bid
SOLD At Auction For $695,000

Number 1 for Sales
Experience Count! Again for the last 12months our agency has lead the way for the most sales in the local area!!! Need any sales advice let me know!