Agency reveals who’s buying Coast’s hot property
The threat of interstate competition is motivating local buyers to snap up the best of the Sunshine Coast's real estate.
Ray White Maroochydore reviewed its 100 sales within the past 90 days to identify where exactly buyers are from.
They found 86 per cent were from Queensland and of those 55 per cent were locals, despite speculation interstate buyers were inflating prices.
There were 14 per cent from interstate, with almost half from Victoria.
Director Dan Sowden said significant local demand was driving the sales market.
"We wanted to understand beyond the hype and speculation what is really happening in the market and if it was Victoria or New South Wales buyers driving prices up, or locals," he said.
"Locals are using this upswing in market prices to trade out of an existing home and step into a new address or suburb that better suits their lifestyle.
"The urgency is being driven by the expectation and belief that when borders open demand will only increase."
Mr Sowden said of the homes that sold to interstate buyers, the majority or potentially all would have been purchased without the buyers physically viewing the properties.
Mr Sowden said some markets, such as homes near the beach at Buddina and Bokarina, had experienced a 20 per cent price increase in the past 12 months.
Mr Sowden said "without a doubt" there was an influx of residents moving to the region from interstate, but most were trying to find a rental.
"We have people who are trying to find rental properties with us and have already enrolled their children into school in the new year, they just haven't arrived here yet," he said.
"Most of them want to rent for six months before looking for a property to buy."
But there is even more pressure on the region's rental market.
He said current demand was "insane" and in the past seven days the agency had 140 applications on 16 properties.
"We genuinely could have leased more than 100 properties last week if we had them," Mr Sowden said.
"It's really tough and it's quite emotional for those people who are looking for a home."