Property owners who are planning to add a patio enclosure to their Sunshine Coast house prior to selling now have a good reason to do so, as home prices in the region have increased in 2017.
The Real Estate Institute of Queensland (REIQ) noted in a recent report that real estate prices in Queensland’s Gold Coast and Sunshine Coast have registered higher growth than in Brisbane.
The median home price in the Sunshine Coast rose by 6.4% in the previous year to almost $570,000, while the same in the Gold Coast increased by 7.7% to $615,000, according to the report. Felicity Moore, REIQ’s media manager, attributed the growth in both regions to their image as ‘world class coastal beachfront’ sites.
Moore said that prices were bound to increase, as these regions are not overly populated and have many amenities for shopping, education, and leisure. The Gold Coast even ranked as Queensland’s strongest housing market due to its high price appreciation. It also landed on the country’s Top 10 housing markets for 2017.
While the market in Queensland’s coast followed a positive direction, the opposite happened in Brisbane. The capital city’s median home price only increased by 2.6% to $665,000 last year, based on the REIQ report.
On the other hand, inner-city suburbs such as Highgate Hill, Kelvin Grove, Milton, and West End recorded the largest drop in prices, which can be attributed to additional housing inventory. According to Moore, prices normally decline if supply meets the available level of demand in the market.
It’s safe to assume that Queensland’s coastal areas are a seller’s market in terms of real estate transactions. If you plan to sell a house, consider some upgrades to increase the value of your property even further.