I live not far from the Sunny Coast. There is a lot of bushland to explore - around the Glasshouse Mountains, Ewan Maddock Dam, State Forest fire trails. The hinterland is also popular for road cycling although the roads often don't have shoulders. A popular ride is from Palmwoods (at the foot of the mountains) to Montville (at the top). It's a steep, winding climb but the views are worth the effort.
There are also a lot of on-road cycle lanes around the coast - moreso than most other areas I've seen around South East Queensland. However, I understand there is a reasonable "idiot" factor. ie the drivers are pretty bad and have little tolerance of cyclists. I've never ridden on-road there so I can't comment on this.
I guess it depends on what type of cycling you prefer and whether you have transport to some of the bush tracks.
Cheers
