Caloundra named property ‘rising star’ for 2023

December 6, 2022 7:36 am in by

Caloundra is the place to keep an eye on next year, when it comes to units, according to a new report.

Canstar’s annual Rising Stars Report has named the area a hotspot for 2023, placing it in the top 10 in regional Queensland for its affordable homes and access to town.

The organisation says affordability is the top criteria for people looking to buy a home and the average unit is selling for $530,000 in the area.

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It says the Sunshine Coast market peaked around the middle of 2021 and there are now few suburbs where sales activity is rising, with the exception of a cluster of suburbs at the southern end of the coastal strip around Caloundra.

The report states the area “has cast off its daggy image and is now a popular lifestyle precinct, half the price of the Noosa.”

“When apartment prices rise by almost 30 per cent in 12 months, something is happening,” the report reads.

Property expert Terry Ryder says the tight rental market is also leading to more sales.

“What I call ‘ugly real estate’ does grow in value and the reason it does is because it offers affordability. People prioritise that above all other things and if the area has good basic amenities or proximity to desirable things then people will buy there.”

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Rather than looking at past indicators of successful markets, the report examines a series of forward-looking indicators to provide a glimpse into the markets posed for property price growth in 2023.

The results are based on sales volumes, price growth, vacancy rates and rental growth, plus infrastructure spending and amenities.

Canstar’s Effie Zahos says, “Australia’s property market is unlikely to see the rapid growth in prices that we have seen over the past couple of years. Bargains may be just around the corner with some forecasts predicting price drops of up to 20 percent. But not all bargains will get you the same gains.”

“Whether you plan to wait a while to buy and hopefully snap up a bargain or you’re ready to jump into the market now, the number one rule when it comes to buying property hasn’t changed. You’ve got to get your location right!”