Capricorn Coast leading CQ with booming real estate prices
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YEPPOON real estate agent Barry Vale is buzzing about the recent boom in Capricorn Coast property sales.
Principal of @The Beach Real Estate, Mr Vale said Yeppoon and the Capricorn Coast were now closing in on the 2007/2008 years, when their best property sales results were achieved.
"I think the last two quarters would be the best it's been in 10 years,” Mr Vale said.
According to the latest REIQ's Queensland Market Monitor report for the June quarter, it was a mixed bag of results for the CQ region, but some excellent performances were recorded in the Livingstone Shire.
After a relatively ordinary start to the year in Livingstone, things have suddenly turned around in the June Quarter, with average house prices rising by five per cent.
This rise can be attributed to Yeppoon registering a dramatic increase of 13.8 per cent in average house value going from $339,500 to $355,000.
In other highlights, Emu Park and Lammermoor have turned in strong 8.3 per cent rises in their value over the past year.
While the Capricorn Coast region is still down in other areas compared to one year ago or five years ago, the real estate recovery now appears to be well under way.
With 30 years at the coal face of the local real estate industry, Mr Vale had a good idea about what was going with the Capricorn Coast housing market.
He said most of the action he has seen was with cheapest and most expensive properties with Civic Heights, Statue Bay, Lammermoor and Cooee Bay being the star performing suburbs.
Mr Vale was well placed to offer a number of reasons why the market was "stronger than it has been in quite some time”.
"Undoubtedly the mines are going much better than they've been,” Mr Vale said.
"A lot of the vendors are sick of waiting and have met the market, but I think there's a new matrix as well.
"Purchasers are also getting smarter.
"If there is stuff that's been on the market for a couple of years, there's a reason for that - people aren't going to pay the money.”
He said the tightening of the rental market was also playing an important role in underpinning current demand - especially from investors.
"There is definitely a lack of stock around at the moment,” he said.
"Twelve months ago, if you went onto real estate websites or just agencies around the Yeppoon area, you would have found there would found in excess of 350-380 vacant rentals and that stone-dead kills the investment market.”
Mr Vale said his office currently has no vacancies on their rental roll and when he checked with other agencies, he found they were also running at very low percentages.
"Once the rent market starts to tighten up, the investors start to play,” he said.
"For instance, we've put four properties under contract in the last week, all to investors.”
Once a greater awareness about the sale of the Zilzie Bay resort to a Chinese investor who he dubbed "one of the richest men in the world”, washes through the community, Mr Vale expected a greater level of confidence and higher sales prices.
Originally published as Capricorn Coast leading CQ with booming real estate prices
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