The Sunshine Coast has outpaced Brisbane and Gold Coast property markets from an influx of sea-changers to the region bolstering house prices, a report has revealed.
Research by CBRE has shown the Coast continued to record solid price growth for both houses and units, while population growth in the region is also at its highest level in almost a decade.
In the year to June 2020, the Coast's median house price increased by 3.8 per cent to $622,500, while the median unit price climbed by 2.4 per cent to $420,000.
The annual rates of growth were higher than the Gold Coast - 3.1 per cent and 1.7 per cent respectively - and the Greater Brisbane area - 1.3 per cent and 1.7 per cent respectively.
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Significantly, house and unit prices were effectively flat in the second quarter of 2020, while Gold Coast recorded just 0.2 per cent growth for houses and 0.5 per cent for units.
By comparison, the Sunshine Coast recorded a 0.8 per cent growth in house prices during the quarter, while unit prices increased 1.2 per cent during the same period.
CBRE's senior managing director of residential valuations, Jarrod Fazer, said as more people continued to work from home, regional and satellite property markets such as the Sunshine Coast would experience an uplift in transaction activity and house price growth.
"Regional and satellite residential property markets are experiencing remarkable resilience in the face of COVID-19," Mr Fazer said.
"Places like the Sunshine Coast are reaping the benefits of a Zoom boom, with people realising that the world has probably changed forever in relation to their ability to stay connected via video conferencing.
"Over the past few months, we've seen people who were considering a sea-change to the Sunshine Coast bring that decision forward due to COVID-19.
"Being able to connect to the workplace remotely via video conferencing has made it easier for people to enjoy benefits of a regional lifestyle, while keeping their capital city jobs."
Sales turnover has also been significantly higher across the Sunshine Coast market.
In the year to June 2020, 5,565 houses changed hands - reflecting a 6.4 per cent increase year-on-year.
CBRE data shows strong population growth - from both intrastate as well as interstate - was a key contributor supporting house price growth.
With a population of 328,428 at June 2019, the Sunshine Coast has recorded growth of 2.7 per cent per annum over the past three years, with the net population increase of over 25,500 the strongest sustained increase since the early 2000s.
During this period, 60 per cent of new residents to the Sunshine Coast were from other parts of Queensland, while 30 per cent heralded from New South Wales and Victoria.