Suburb by suburb house price graphic: 33 per cent jump vs 2 per cent fall
Intense competition from local house hunters chasing limited stock is forcing property prices to leap by double digits in some Capricorn Coast suburbs.
Intense competition from local house hunters chasing limited stock is forcing property prices to leap by double digits in some Capricorn Coast suburbs.
Veteran Capricorn Coast real estate agent Kevin Doolan described the Livingstone Shire market as “very strong” after the Real State Institute of Queensland reported a median price increase of 12.9 per cent for 12 months to June 30, reaching $759,000 based on 885 sales.
“There’s an acute shortage of stock and when you get a listing there are multiple buyers,” Mr Doolan said.
“A lot of buyers are local, from Central Queensland, and 99 per cent of them are owner occupiers.”
The principal at The Professionals, Emu Park said there were a sprinkling of investors from Sydney and Melbourne buying up high quality homes and units to rent out.
Demand for house blocks was also very strong.
“Buying a block of land anywhere on the coast is almost impossible right now,” he said
“Down in Monaco Drive (Zilzie) four years ago you’d be flat out getting $70,000 to $80,000 for a block. We sold one the other day (900 sqm) for $305,000.
“Looking at the whole estate, there’s only 10 to 12 blocks vacant. The rest have been built on.”
Five years ago he sold a house in Zilzie for about $250,000 and it just sold for $620,000.
He recently sold a house in Richard Street, Emu Park for $612,000 and the owners knocked the building down within two weeks to make way for a new home.
Meanwhile, Livingstone’s median house price for the three-month June quarter increased 5.6 per cent to hit $787,000, reflecting the continued growth in the market.
The suburb of Barmaryee recorded a huge 33.5 per cent price rise to $1,255,000 for the 12 months however that was based on just 13 sales.
Some of the big selling suburbs for the year were Taranganba, increasing 10.4 per cent to $717,500, based on 80 sales, Lammermoor leaping 6.7 per cent to $800,000 off 71 sales, and Yeppoon up 11.4 per cent to $697,000 based on 178 sales.
Emu Park increased 7.8 per cent to $690,00 on 59 sales.
The only suburb to post a reduced price was Mulambin with a drop of 1.9 per cent to $736,000 on 27 sales.
