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Property market on the Sunshine Coast takes an upturn

After years of global financial crisis that heavily affected property markets everywhere, the Sunshine Coast is finally enjoying a record pace of growth.

House prices for this market had been stagnant for some time, but now they are outperforming the prices for both Brisbane and the Gold Coast, reports Domain.

This area of Australia has been performing particularly well over the past six months and has overtaken its rival markets consistently for a year.

According to Domain, the "jewel in the crown" for the Sunshine Coast is the area of Noosa Heads, as it is one of the most popular suburbs for the area and is posting the best prices and largest increase of sales of homes.

In terms of figures, Noosa Head's median house price has seen an uplift of 18.3 per cent over just half a year. The average a potential buyer can expect to spend on a house in the area is $768,750 (£400,593).

Andrew Wilson, Domain Group chief, has said that he isn't surprised that this area has done so well over recent times.

He commented: "Noosa Heads is top shelf and once momentum gets going with property on the Sunshine Coast, Noosa's always going to be up there." 

Following the strong performance of Noosa Heads is Peregian Beach, which has seen an uptick of 14.3 per cent and it's average house price now sits at $677,500.

Mr Wilson added that although the Sunshine Coast is performing better than Brisbane and the Gold Coast, the increases in price growth for the three areas is quite similar when you look at the last few years.

Using data from December, Domain has recorded that the median house prices for Brisbane and the Sunshine Coast are $511,361 and $530,000 respectively.

Giving his thoughts on this, Mr Wilson summarised: "The Sunshine Coast has some catching up to do … Overall though, it's as you would expect: all three area have had similar growth over the past years."

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