The past 12 months have seen plenty of change, progress and excitement across the Cube Developments portfolio and in the Sunshine Coast property sector more generally. As the financial year draws to a close, we reflect on the past months and look to the future of development in South East Queensland.
A Snapshot of FY2021/22
With the impacts of the COVID-19 pandemic still rippling throughout Australia, the mass migration that the Sunshine Coast experienced in 2020 continued without a hitch. With the end of lockdowns and mandatory isolations, the start of the financial year saw the greatest shift to regional Australia ever recorded, with Noosa Heads being ranked as the top growth town at 65.6%. The new standard of remote working allowed many professionals and families to live a more flexible lifestyle, with autonomy to select their ideal location and fewer limitations. The strong trend towards a sea-change resulted in a 68% increase in Sunshine Coast house prices and a 67% rise in unit costs.
As international migration reopened, an influx of international students returned to the country at the same time as tourism resumed, adding to the huge migration figures on the coast.
Limited living solutions became apparent, as the region tried to meet the monumental demand flooding in. Existing apartments and land lots were snapped up by eager buyers and housing prices continued to increase as purchasers from interstate and abroad vyed to enter the market.
From a global perspective, major economic and global shifts resulted in rising interest rates and inflation across all sectors. Shortages in imported materials out of Russia and China impacted the building industry for products such as treated timber. The rising cost of construction materials alongside a skilled labour shortage posed challenges for the construction industry.
Catering to the demand and meeting the challenge
Our Sales Team has had the privilege of assisting first home buyers, established buyers, downsizers and investors alike with their off-the-plan purchases. While a diverse purchaser demographic was recorded across our portfolio, a trend towards high-end and luxury apartments made itself clear this financial year. This demand was met with the sumptuous Nature by Cube project in Cotton Tree and Oasis in Bokarina Beach.
Other Cube achievements include:
- Settlement of four incredible projects:
- Beach Life, Alexandra Headland
- Curve, Birtinya
- One Prosperity, Birtinya
- Picasso, Mooloolaba
- 172 individual apartment settlements
- 111 units additionally sold across the entire portfolio
- 43 land settlements
- Three other exciting new projects hit the market:
- Oasis, Bokarina Beach
- Seasons by Cube, Birtinya
- Nature, Cotton Tree [Sold out]
- Two new land sites acquired:
- Cardinal Place, Birtinya
- Peregian Springs
With Sunshine Coast transcending into a national hotspot, there are now plans to prioritise federal funding for greater connectivity to the coast. This includes plans for a new rail to be built for greater accessibility.
An additional terminal at the new Sunshine Coast airport is another major plan set for the coming years, and with the addition of Bonza Airlines, will make it the second most connected airport in Queensland.
The rapid expansion of business infrastructure in the new Maroochydore CBD and the amount of activity concentrated in the city centre continues to drive population growth. The convenience of this retail and work precinct will certainly contribute to greater desirability well into the future.
Finally, the exciting announcement of the 2032 Olympic and Paralympic Games hosted in Brisbane will see Sunshine Coast act as the backdrop for a number of key events. The investment and infrastructure set to be pumped into the area, as well as new job opportunities to facilitate The Games, will mark another exciting growth period for the region.
Stepping into FY2022/23, Cube Developments is excited to continue the journey in setting the benchmark for desirability, functionality, and value in the heart of the vibrant Sunshine Coast. We look forward to producing more architecturally designed projects that encapsulate the very essence of Sunshine Coast living, within our forecasted projects and new site acquisitions. Reflecting on the very eventful previous financial year, Cube is grateful for the overwhelming continued support of our loyal clientele and is excited for what is to come.