Unit prices plummet in Coast suburb, one by $200k
AN OVERSUPPLY of units has caused property values to fall heavily in a Sunshine Coast suburb, one as much as $200,000 in 11 years.
While it's bad news for owners in Birtinya, buyers looking to get their foot in the property door can find value for money.
Code Property Group senior sales consultant Ben Wilson said the suburb's unit market was going through an "adjustment in price".
"Units in Birtinya and around Kawana Lake that were bought only a few years ago, are going for less than what they were purchased for," Mr Wilson said.
"Anywhere through there is good value."
Seven of the most recent unit sales in Birtinya all were sold for less than originally purchased, according to Corelogic.
CoreLogic data shows 62/11 Innovation Parkway, purchased in 2008 for $665,000, was sold in June for $445,000.
Another, 20/12 Bright Place, was bought only two years ago for $448,000, and sold in April for $352,500.
CoreLogic's median sale price also showed Birtinya's average sale price ($427,500) had fallen by 6 per cent in 12 months. Only Alexandra Headland (-3.1 per cent) and Pelican Waters (-9.2 per cent) compared.
Mr Wilson advised buyers to check body corporate requirements before purchasing.
He said another surprise packet to get into the unit market was through the canals at Mooloolaba.
"There are some really cool units, older types no doubt, with lower body corporate fees," he said.
"But it's a good strategy to get into the market. They are likely to hold value too."
Mr Wilson said outsiders were looking to the Coast as being a much more sustainable market compared to 10 years ago.
"We used to be a place which had a lot of stuff (infrastructure) coming… the hospital, the Maroochydore CBD, the airport, shopping centre upgrades," he said.
"Now, everything is in the ground."
Recent sales in Birtinya include
20/12 Bright Place - 2017: $448,000; 2019: $352,500
62/11 Innovation Parkway - 2008: $665,000; 2019: $445,000
8/11 Innovation Parkway - 2007: $320,000; 2019: $300,000
6/15 Shine Ct - 2017: $460,000; 2019: $390,000
50/11 Innovation Place - 2008: $425,000; 2019: $410,000
36/81 Birtinya Boulevard 2013: $459,000; 2019: $430,000
22/81 Birtinya Boulevard 2012: $410,000; 2019: $325,000