The Year In Review

Principal Cara de Ryk and Sales Manager Steve Lane

Principal Cara de Ryk and Sales Manager Steve Lane

The Year in Review

By Steve Lane

Sales Manager Coolum Beach Real Estate

Coolum Beach and the neighbouring suburbs of Mount Coolum, Yaroomba and Point Arkwright have  all experienced strong buyer interest throughout 2016 resulting in less properties on the market and increased competition amongst buyers.

Buyers attracted to the area are generally looking for properties either close to beach, walking distance to town, ocean views or simply a stunning home they can move straight into.  Following on from 2015, there has been a real focus on location,  with buyers keen to get as close to the esplanade shopping precinct and patrolled beach as possible.  This has resulted in a sharp increase of prices for houses in the central Coolum area and has had a flow on effect with increased demand for apartments. In previous years there has been minimal interest in the larger holiday resorts with most buyers preferring the smaller complexes with low body corporate fees which and more suited to permanent living. However, with limited choice of houses or small complexes on the market we have seen renewed interest in the holiday complexes which offer some great buying.

While the prestige market in the area has remained slow with minimal sales over $1.5 million, the $900 000 to $1.2 million sector has been very active. Again the tightly held area north of Beach Road and walking distance to the bays and shops  has seen a jump in both activity and strong price growth from previous years. This price range has also seen good results in the Yaroomba and Mt Coolum areas recently. Buyers in this price range have been frustrated with the lack of quality homes available and have found many of the prime locations have older homes in need of major work to modernise. As a result, land sales have increased with local builders being kept busy.    

The sales numbers for the first nine months of 2016 compared to the same period in 2015 certainly support what our agents have been experiencing in the field with their buyer inquiries. The numbers show us there was slightly less sales in 2016 but an increase in average sales price (due to reduced stock on the market and increased competition).

113  house sales in the suburb of Coolum Beach for the first 9 months of 2016 (January to September) With an average price of $592 737. In the corresponding period of 2015 there was 118 sales at an average price of $537 734.

Unit sales for the same nine month period showed a major increase from 77 sales in 2015 to 96 sales in 2016.  However the average price reduced from $404 884 in 2015 to $351 203 in 2016.

Land sales in the area have typically been slow over the past few years with many buyers finding better value buying established properties, often below replacement cost. However, Coolum Beach saw an increase from 10 land sales in the first nine months of 2015 at an average price of $471 450 to 22 sales in the same period in 2016 at an average price of $458 272. The drop in price is a result of the number of blocks selling around the $300 000 price range in the western section of Coolum Beach. In general, land prices have risen quite sharply in 2016.

Source: Corelogic