End of Year Wrap

When looking back on the 2020 Sunshine Coast property market, it is fair to say that it has been a year that has challenged everyone. The year started much the way 2019 ended with good activity and values increasing in most areas. However, this was all put on hold from late March into April when we experienced the escalation of COVID-19. As a result, there was a high level of uncertainty within the economy and the property market as a whole for a short period.

In the middle of the year as restrictions started to ease and the government rolled out its stimulus packages (JobKeeper and Homebuilder), it appeared there was a considerable resurgence of confidence in the market. Agents reported a high level of interest throughout most areas and in particular, beachside suburbs which have historically been sought after. Extremely low stock levels across all of the Coast’s property markets coupled with all-time low interest rates and economic stimulus packages have seen property values increase, all while a global pandemic is occurring.

One notable shift we have continued to see is the ability to work remotely. The momentum this has gathered has been a big positive for the Coast market. A significant part of the feedback is that people are looking to leave capital cities for a better lifestyle. Given that working remotely is an option across a range of professions, this has helped open up our market even more. Another market nuance is that there has been a feeling that people have begun to bring their decisions forward. That is to say that if they were thinking of making the move to the Coast, they have started the process a bit earlier than expected to make it a reality. The low interest rate environment has helped this along.

Looking back at each of the property sectors, the prestige market was one that has  outperformed everyone’s expectations. The unit market has been somewhat similar to that of the housing market in that entry-level properties have tended to perform pretty well. There have been a number of unit complexes under construction throughout the year with the larger owner-occupier market performing best. The $25,000 federal government housing grant certainly helped stimulate the market with the demand for vacant land increasing dramatically.

It is becoming more and more apparent that people just want to be on the Sunshine Coast experiencing all the Coast lifestyle has to offer. Like most things, there will be winners and losers. It would appear the Sunshine Coast property market in 2020 has been one of the big winners.

Sunshine Coast 2020 “Year In Review” By Herron Todd and White

Check out the list of local sales in the area by the sales team