Local buyers are out in force on the Sunshine Coast

Property scarcity pushes prices up

Homes for sale or rent on the Sunshine Coast are few and far between pushing property prices rapidly up.

According to SQM Research data, the number of properties for sale on the coast is the lowest in more than a decade.

However, according to SQM Research statistics, the Sunshine Coast rental market is even more extreme, with its vacancy rate of 0.4 per cent the lowest in more than 15 years.

Image Property Sunshine Coast sales agent Matt Nickerson said contrary to popular opinion, the strong sales market was being largely driven by local buyers rather than interstate purchasers.

"Local buyers are out in force, competing strongly for the few listings available," he said.

"We do have a lot of enquiry from interstate, and quite a few sales, but this is actually motivating local buyers to make their move sooner rather than later."

However, the low levels of sales stock meant property prices were rising with multiple offers often the norm, he said.

"With interest rates so low, many buyers are prepared to pay a bit more to secure a property in a location that they will live in for the long-term," he said.

The Sunshine Coast is also experiencing a significant undersupply of rental properties, he said, which was making it difficult for tenants.

"We are beginning to see more investors active in the market, which may start to increase the supply of rental properties somewhat," Mr Nickerson said.

This story Property scarcity pushes prices up first appeared on Port Macquarie News.