2020 was a turbulent year for everyone. In the real estate market, we were all bracing for the worst. Instead, what we saw was a remarkably buoyant market that has surprised even the most veteran real estate experts on the Sunshine Coast.
Of course, this is great news for landlords and owners, but first-time buyers are finding it very difficult to enter the market. This is especially noticeable on the Sunshine Coast, which has previously been a haven for young people to purchase their home or investment property.
Circumstances changed for many people during 2020. Previously for-rent properties have seen alterations in their availability, in some cases leaving the rental market as owners have chosen to move back to the Sunshine Coast. The pandemic has also had interesting spill-on effects. Many people have found new flexibility with work-from-home arrangements, allowing them to return to the coast. Others have found new employment in the area as their working circumstances changed.
With demand at an all-time high, and available properties going quickly, it has become harder for many to find a property on the Sunshine Coast. If you're planning on renting or buying, you may need additional time to secure finance and research areas as well as available properties.
We've found that many people have to travel further out to find available real estate. Ultimately, it is important to consider the state of the market and prepare for a longer, more difficult search for your perfect home or investment property.
Being involved in both real estate sales and property management puts us in an interesting position. We deal with landlords, owners, and tenants. managing expectations between all of these parties requires a multi-phase approach: we place the right tenant into the right property, while also ensuring that everyone's expectations are met and relationships are managed.
It is the perfect time to sell or lease your property. With higher prices and more tenants than ever, your property is less likely to sit around waiting for the perfect buyer or renter. This allows you to upsize, downsize, or even look for a new location to live in.
If you're looking at renting or buying, it will be more difficult than usual to secure a property. With that being said, for buyers, it's important to own a property as an asset so that you can secure a future return on your investment. Don't be dissuaded by the market.
If you're looking for a real estate agent or property manager, we can help you navigate these particularly interesting market conditions and secure the best outcome for you. And if you're looking to rent, we have a great selection of properties ready for tenants. Find out more on our website!