Apartments outstripped houses in terms of median price growth across the Sunshine Coast in the year ending September 2022, at 18.5% Vs 14.1%. Despite this strong level of price growth, apartments still win the affordability race, with a median price of $640,000 Vs $970,000 for houses.
Building approvals for houses across the Sunshine Coast increased slightly post the home builder grant announcement in June 2020, however during 2022, approvals returned to an average level. 2,730 houses were approved (8 year average 2,815 P.A.) and 1,382 apartments were approved during 2022(8 year average 1,163 P.A.). This lacklustre result may be a contributing factor to the ongoing rental crisis, with record low vacancy rates and rental rate increases persisting, lending support to our thesis that additional supply is required.
