The Coast suburb where home affordability meets growth
NAMBOUR is still the Sunshine Coast's star of affordability, but is also emerging as an attractive growth area, according to the latest data.
The Queensland Market Monitor revealed Nambour house prices were up 18.5% in June compared to five years ago and 5.7% on the previous year, with the median house price now at $370,000.
That's good news to engaged couple Rebecca Dyne, 23, and Dene Chesterman, 33, who bought their first home on the outskirts of Nambour as a house and land package in December last year.
"They're making Maroochydore the CBD, so I figured the expansion would eventually go to Nambour and if we decide to sell this place in five or ten years time there would be a bit of an upswing in the value," Miss Dyne said.
Miss Dyne had previously lived in Kawana and Mooloolaba, but was happy to move to own a home on a larger block.
"For less money, I was able to get more land out here," she said.
"I didn't really like the idea of living on top of my neighbours.
"It's just calm, it's just quiet. Nice if you want to raise a family."
Mr Chesterman said it made good financial sense to make the move.
"We were paying $420 a week in rent, now we're paying about $430-$440 on a mortgage, and now we've got something to show for it," he said.
Median house prices in Nambour last bottomed out in 2012 at $308,000, but have been on the rise ever since, while unit prices have recovered from a low of $205,000 in 2014.
The median unit in the area cost $285,000, growing 15.2% in five years, compared to 15.7% across the Sunshine Coast Council area.
Elders Real Estate Nambour principal Diana Davidson said older homes were still going in the $300,000s, but new homes were usually over $400,000.
Mrs Davidson said unlike Mr Chersterman and Miss Dyne, most younger buyers were still going for the older, cheaper homes.
"You're getting younger couples coming to Nambour to establish a home, because they can't get (into more expensive areas) on the Coast," she said.
Meanwhile, she had noticed an influx of buyers new to the Coast, with the latest coming from Sydney, Darwin and even India.
"The last five houses we've sold in Nambour have all been to people from out of the area," she said.
She said buyers generally came to Nambour because they had relatives in the area, they needed to be near the hospital, or they wanted to live on the Coast but needed a more reasonable price.
Meanwhile, nearby Coes Creek has emerged as a new growth area in real estate, outpacing Nambour in the past year with median price growth at 10.4% for houses to a price of $405,000.
Part of that median price rise is a result of a subdivision opening up stocks of newer, more expensive homes.
"There's a subdivision pushing out into that area, and it's not that far from the schools and the TAFE," Mrs Davidson said.
"I think that's a really popular growth area."
A median weekly rental price of $393 was recorded in June for three-bedroom houses in the 4560 postcode, which includes Nambour, Mapleton, Montville, Palmwoods, Bli Bli and Flaxton.
The median rent price for two-bedroom units was $283, and $395 for three-bedroom townhouses.
"The property managers tell me the rents are increasing (in Nambour), which has been a long time coming," Mrs Davidson said.