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Property listings are drying up on the Sunshine Coast, dropping further below the decade low clocked in November.
TheCoast has garnered increasing interest on the back of the COVID pandemic, with new data suggesting listings are now at a critical low.
According to SQM Research, the new 10-year low clocked in November was 7,741 property listings, but that figure has now fallen another 22 per cent to hit just 5,978 listing in April.
In fact, year-on-year, the drop in listings is around 30 per cent.
So, while the rest of the country is experiencing a listings surge, what’s happening on the Sunshine Coast?
Sales agent Paul Blackledge believes there is a general lack of listings, with vendors said to be shying away from selling based on the fear they won’t find an adequate replacement.
“It’s almost like a self-fulfilling prophecy – people aren’t selling because there aren’t enough available properties on the market for them to buy themselves. There is a stalemate of sorts under way at present,” Mr Blackledge said.
But besides a drought of available properties, the Sunshine Coast’s current rental vacancy rate is one of the lowest in the country, adding further fuel to the already swelling fire.
“It’s always been common for sellers to rent for a while if they haven’t been able to find a new home to buy, but that option is often no longer on the table,” Mr Blackledge said.
As for interstate buyers, among which demand for a property on the Coast has been strong, they are becoming increasingly frustrated, Mr Blackledge said.
“Interstate buyers are active in the market, but some are becoming frustrated because they haven’t been able to buy anything, and they’re flying back and forth on the weekends only to miss out every time,” he noted.
The low volume of property listings has resulted in Sunshine Coast’s asking sale prices soaring by 13.1 per cent for houses and 6 per cent for units over the past year, according to SQM Research.
Moreover, the Sunshine Coast’s rental vacancy rate of just 0.6 per cent in March has resulted in asking rents skyrocketing by 18.5 per cent for houses and 13.3 per cent for units over the same period.