Sunshine Coast, April 2020

The sales statistics for April are in and we’re now seeing the impact of the C-19 pandemic. There were 26 sales of detached housing, down from 44 sales in March, and also down from 29 sales in April of 2019. This is only the 2nd month in the last 6 where the sales total is down from last year. The Benchmark Price – that is, the price of an average home in an average area – increased 1.3% to $576,600. How can activity drop and prices rise? There’s a shortage of listings in the $600K range and that supports prices, even though activity is down. Up until last month, attached sales had been our most consistent sector. However, there were just 3 sales last month vs 14 in March, and 34 sales YTD vs 51 last year. With land, for the first time in memory, there were no sales at all last month. While the Board does not provide a Benchmark Price for attached or land, we are detecting signs of downward pressure for both sectors. Prices are up from last month and the supply shortage could work in your favour.