The famed property cycle is on the boom again, at least in Queensland, Australiaâ€™s shiny Sunshine Coast.
Online PR News – 07-August-2010 – – Real estate activities were seen to be on the rise again in the vibrant region of Sunshine Coast, a bustling tourism and business area some 60 miles of north Queensland capital of Brisbane.
Data from the Queensland Governmentâ€™s Office of Economic and Statistical Research bared that housing approvals had gone up by over 23% from January to May 2010, while dwelling commencements posted nearly 32% as against 2009 first semester figures.
Both Queensland and Western Australia were the worst affected by the global economic slump in 2009, with approvals for housing and apartments downed by half after peaking in 2008. However, both states' data have turned the corner around, indicating strong signs of rebound.
Sunshine Coast real estate experts noted the encouraging figures point to a condition where many people are buying properties amidst surging consumer confidence and better-than-expected economic data.
It added that robust underlying demand for housing, due to population growth and improving labour market conditions, is seen to support stronger growth in property investment in the longer term.
â€śWeâ€™ve always believed all along that real estate sector will continue to blossom over Sunshine Coast because of opportunities that are available, whether the market is up or down in the cycle,â€ť says Australiaâ€™s multi-awarded and premier real estate agent Michael Knights.
Citing that real estate activities are getting back on track lately with pretty encouraging signs, Re/Max property associate Knights said, â€śthe effects of 2009 crisis cannot simply dampen sellersâ€™ spirit to close viable deals nor would it ever take away buyersâ€™ appetite for properties.â€ť
A steady stream of capital inflows that steer robust economic growth also augured well for Sunshine Coast economy which is currently dominated by three main sectors of tourism, retail and construction.
â€śThere is a lot of development going on in the area lately and we think it's great for the local economy and the people,â€ť notes Sunshine Coast local resident Ross Davidson.
Davidson, a retired commercial pilot, is currently helping his newlywed daughter Sara and son-in-law Mike, who decided to move in here from New South Wales, find the perfect house for the couple.