Hello, fellow real estate gurus!

Today, let’s chat about something I’ve been keeping a keen eye on in our sunny corner of the world – home prices on the Sunshine Coast. If you’ve been following the local real estate scene, you’ll notice something pretty interesting. Despite the rollercoaster ride that is 2023, home prices have remained stable – and I’ve got some insight on why that’s happening. Grab a cuppa and let’s dive in!

So here’s the deal. I’ve been stalking the stats (in a totally non-creepy way) for 3+ bedroom homes across our main six ‘burbs – Buderim, Maroochydore, Palmview, Sippy Downs, Mooloolaba, and Mountain Creek. Some pretty sweet spots if you ask me.

Back in April, we were all buzzing about open homes and auctions. Houses were flying onto the market like hotcakes, with a record-breaking 149 open homes and 28 auctions in a single week! Crazy times, right?

But since then, it’s been a bit like someone hit the brakes. The number of open homes and auctions has been on the slide, dropping to 102 open homes and 23 auctions by mid-June. It’s like the universe decided to take a big chill pill.

You might be thinking, “Shouldn’t fewer houses on the market mean prices are going through the roof?” Normally, I’d say you’re spot on. Less supply usually means more competition and more competition typically leads to higher prices. But this time, we’re seeing a different story. Mainly due to the 12 interest rate hikes, which would normally see prices plummet.

Here’s my take on it. We’re dealing with low stock – fewer houses are up for grabs. But rather than causing a price hike, this scarcity has kind of put everyone on hold. Buyers aren’t as keen to engage in bidding wars or pay over the odds, instead, they’re playing the waiting game, hoping for more choices to pop up on the market.

And sellers? They’re not too eager to part with their properties right now either. Perhaps they’re holding out for the market to heat up again, or maybe they’re just not ready to let go of their piece of paradise yet (can you blame them?).

All this creates a kind of equilibrium where prices aren’t rocketing up or plunging down. They’re holding steady, just like the surf at Mooloolaba Beach on a calm day.

So there you have it, my friends. The curious case of our stable house prices is solved! If you’re on the hunt for a new pad, don’t let the low stock deter you. Keep an eye out, stay patient, and remember – the perfect home is always worth the wait.

Until next time, keep living that Sunshine Coast dream!