Amid the cost of living and housing crisis, the Sunshine Coast has become Queensland’s priciest real estate market, now ranking as the fourth most expensive in Australia.
According to the CoreLogic regional market report for the quarter ended July, it is also one of the most expensive places in the country to be a renter.
CoreLogic data revealed the median value of a home on the Sunshine Coast is $1.04 million, with 9357 properties changing hands across the quarter.
Home prices on the Gold Coast and Brisbane fall short of our median, with the Gold Coast median at $1.007 million and Brisbane at $882,467.
The median rental value for the Sunshine Coast is $772 – up 9.4 per cent across a 12-month comparison and well above the median rental value in Melbourne ($602), Brisbane ($660) and almost on par with Sydney ($789).
Byron Bay takes out the top gong as the most unaffordable place to live in the country with a sales median of $1.9 million and a rental median of $1084, followed by Bowral-Mittagong and Sydney.
According to the Real Estate Institute of Queensland (REIQ), there is no stopping Queensland’s hot property market.
REIQ CEO Antonia Mercorella said both metropolitan and regional areas in Queensland experienced robust price growth, but a widening deposit gap was making it tough for first home buyers to break into the market.
“In Queensland, a 20 per cent home deposit for a first home now represents 1.64 times the average annual earnings,” Ms Mercorella said.
“High rental costs make it incredibly difficult for individuals to save for a home purchase.
“And when you also factor in the additional costs of stamp duty, potential lender’s mortgage insurance, and other buying costs, the prospect of owning a home can seem impossible for first home buyers.”
She said the recent CBA Annual Results presentation highlighted cost-of-living challenges were hitting younger cohorts the hardest.
“The data shows that all age brackets from 20 to 44 are seeing a deterioration in their savings by at least three per cent,” Ms Mercorella said.
“As the REIQ demonstrated in our state election policies, it is this demographic that we need to help into home ownership, as they are facing the most difficult economic environment in living memory.”
