This article is from the Australian Property Journal archive
DEVELOPERS hoping to take advantage of the land and housing shortage on the Sunshine Coast are reporting strong interest in projects, as the price growth that took off during the pandemic continues.
Among the projects, Cube Developments has a new $8 milion boutique estate nearing completion in the heart of Bli Bli. Park Rise features 700 sqm blocks with land prices starting at $595,000.
Cube director, Scott Juniper, said the small boutique estate comprising just 12 lots was generating high levels of enquiry given its relative affordability, prime location and family-friendly surrounds.
“With confidence returning to the construction sector, and building costs stabilising, buyers are realising the cost and lifestyle benefits of acquiring land to build their own dream home,” Juniper said.
Park Rise is an extension of Cube Developments’ 35-lot Park Rise development that was launched in 2021. It is strategically positioned within walking distance to Good Samaritan Catholic College, and a short drive from Bli Bli village, the Maroochy River Golf Club and Mudjimba Beach.
Meanwhile, Cube and development partner McNab are reporting strong interest in their $30 million community, Lumeah Peregian, which is nearing completion in Peregian Springs.
Lumeah Peregian is billed as the last vacant land opportunity in Peregian Springs. Lots range from 367 sqm to 734 sqm, and land starts from $750,000.
In Cotton Tree, Cube has been building luxury residential mid-rise project Nature, which has seen 12 of 13 residences snapped up for more than $45 million combined.
The remaining residence is the 200 sqm level seven penthouse.
PropTrack data showed the Sunshine Coast’s median house value lifted further in February to $1.04 million, hitting another new peak. The the region was one of many that saw values surge during the pandemic as Australians sought a treechange or seachange, with remote working enabling the shift for many city dwellers.
The median home value on the Sunshine Coast – both houses and units – was $958,711.
According to PropTrack, home price growth on the Sunshine Coast has totalled a whopping 72% since the start of the pandemic, although it has slowed more recently; house prices grew by 5.6% over last 12 months, with a 1.4% rise in February, while units increased 2.4% year-on-year, but have actually slipped a fraction in value over the past three months.
