The Sunshine Coast unit market has rebounded to report 76 unconditional sales of new units for the December 2005 quarter, according to the latest PRDnationwide Sunshine Coast Unit report. This represents a 50% increase over the 51 new unit sales reported during the September 2005 quarter.
The improved sales result has also seen a drop in supply levels ato an estimated 28 months of remaining new unit supply, based on current demand levels.
Syd Walker, Managing Director of PRDnationwide Maroochydore, said the most positive aspect of the improved December 2005 sales result was the performance of new units in the $400,000 to $500,000 price bracket.
"Units in this price range were previously difficult to sell, but now account for more than half of all sales," Mr Walker said.
"The strong growth in unit sales in the $400,000 to $500,000 bracket is a good indicator of the rebounding nature of the market and the more stable conditions that are again attracting buyers in this price range back to the Sunshine Coast."
According to the PRDnationwide report, three new unit projects - 'Island Quays' at Kawana Island, 'Aspire' at Kings Beach and 'Ocean Views' at Caloundra - were launched on the Sunshine Coast during the three months to December 31, 2005.
These new projects coupled with the strong sales performance of the reasonably new 'Horton Apartments' at Maroochydore and recently completed 'Ramada Pelican Waters' accounted for 53 of the 76 sales for the quarter.
Several more new unit projects have formally entered the Sunshine Coast early in 2006, including the 75-apartment 'Rumba on the Beach' at Caloundra, with their first sales to be recorded in the current March 2006 quarter.
Mr Walker said sales activity is traditionally stronger over summer months and is expected to flow into the March 2006 quarter.
"The steady level of new project launches highlight the level of confidence that developers still have in the Sunshine Coast market, despite the decline in sales volumes from the peak levels of 2002-2003," he said.
"As remaining primary waterfront positions are also becoming more scarce in the region, developers are having to look at ways to deliver attractive and affordable alternatives on secondary sites."
The Maroochy precinct reinforced its standing as the powerhouse of the Sunshine Coast unit market by accounting for 62% of all sales in the December 2005 quarter.
As well as its proximity to the beach and river, Maroochydore continues to benefit from its growth in local amenities, particularly shopping and dining attractions surrounding the Maroochy River.
The ongoing maturing and rejuvenation of central Maroochydore is set to continue into the future with major retail and urban renewal projects planned for the precinct.
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