Newspaper article Sunshine Coast Daily (Maroochydore, Australia)

Housing Market Poised to Bloom

Newspaper article Sunshine Coast Daily (Maroochydore, Australia)

Housing Market Poised to Bloom

Article excerpt

Byline: Erle levey

THE strongest national winter sales since 2007 have the Sunshine Coast property market thawing.

Traditionally the best selling period, spring is tipped to see an increase in new properties coming on to the market.

Demand for housing has steadily increased in 2014, leading to a shortage of supply.

This has put pressure on prices.

The lift comes on the back of most Australian capital cities seeing the biggest rise over the winter months since 2007.

Market analysts have warned the Sunshine Coast not to expect the same increases as being experienced in Sydney (16.1%) and Melbourne (11.7%).

The RP Data CoreLogic Hedonic home value index of Australian capital city dwelling prices rose by 1.1% in August.

The rise brought the total gain over June, July and August to 4.2%, the biggest rise over the winter months since 2007.

On the Sunshine Coast, RP Data's review of house prices has shown the market is emerging from the post GFC slump.

House values across the Sunshine Coast have increased by 6% in 2014, the highest annual growth since the 12 months to April, 2010.

This follows a rise of 1.2% for the year to November, 2013. Yet they are still 1.6% below the five-year average.

Unit prices are up 5.6% for 2014 at $359,657 but down 6.8% on the five-year figure.

RP Data research director Tim Lawless said Sydney and Melbourne were driving a two-tier market.

The next strongest markets were Adelaide, Brisbane and Darwin, with price rises averaging between 5% and 6%. Mr Lawless expects a rise in listings of properties for sale over the next few months.

Meanwhile, RP Data research analyst Cameron Kusher, in Noosa for The Business of Real Estate conference, said growth was Sydney and Melbourne-centric because of a number of factors -- low interest rates and that that those cities were the strongest to recover from the GFC. …

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