Sunshine Coast braces for huge auction event as demand increases from southern buyers
Competition is expected to be hot at a special multi-property auction event on the Sunshine Coast this weekend.
Ray white fifth annual auction will see dozens of properties go under the hammer in the bedroom on Sunday.
However, demand for the enviable coastal lifestyle has already seen some of the listings snapped up by enthusiastic shoppers.
In fact, the first open house weekend for the event saw 20-25 groups through some of the properties.
Since the first multi-office auction on the Sunshine Coast in 2015, $ 85 million in sales were made from the auction of 195 properties with an overall average liquidation rate of 95%.
Ray White Maroochydore director and auctioneer Dan Sowden said interest in the Sunshine Coast from interstate migrants as well as locally has meant this year’s event had strong results early on.
“Personally, I have not been involved in a big campaign of this nature that started as quickly as this one, âSowden said.
âSo I think it’s the fastest start of any campaign we’ve seen. Essentially, it’s the fastest start in all four years.
Strong interstate migration played its part in the early successes, he said.
According to the Australian Bureau of Statistics, the Sunshine Coast recorded the second highest number of net interstate migrants for all major regional regions in fiscal 2018.
Mr Sowden said buyers in Sydney and Melbourne saw “extreme value” on the Sunshine Coast compared to markets in the southern capital.
âThe buyers between $ 1 million and $ 2 million are largely either people who are downsizing their homes to big apartments, which is a really huge driver for us, or people who are moving from Sydney and Melbourne,â he said. -he declares.
âPeople moving from Sydney and Melbourne, I would say there is extreme value to them. Properties are literally picked up on the first weekend by buyers who don’t want them to go up for auction.
“So not only is there extreme interest, but there is also this urgency and when those two things come together it’s a great time in the real estate market.”
According to Domain Group data, the median home price in Mooloolaba rose 11.5% to $ 847,500 in the year ending June and has risen 50% in the past five years.
Nearby Maroochydore, which is the epicenter of one of the largest urban regeneration projects in South East Queensland in the creation of its new city center, the median home price has increased almost 41% to $ 620,000 over the past five years.
âThere were a lot of real estate commentators earlier in the year suggesting that the market has peaked on the Sunshine Coast and things will run out of steam like the rest of the country, but what we are seeing on the ground is the contrary, âMr. Sowden said.
âSo you want to be in it to earn it. Enter it or pay more next year.
The 2019 auction event will take place on Sunday, September 22 at Mercedes-Benz Sunshine Coast, 65 Maroochy Boulevard, Maroochydore. Registrations open at 9 a.m. and auctions begin at 10 a.m.