WHY HAVEN'T PROPERTY PRICES INCREASED YET?
@ Real Estate are often asked, why haven’t property prices increased yet, when there seems to be more buyers in the market and so many great projects planned for the Capricorn Cost? Well its simple supply and demand. Yes @ Real Estate has defiantly noticed an increase in buyer activity, and there are less properties for sale now then there was 6 months ago, and yes there are many wonderful projects planned for the area which will create more jobs and increase our population.
The issue is here on the Capricorn Coast is, we still have an oversupply of housing and vacant land. Over the last 10 years developers and marketers have been developing land and building more houses at a rate higher than the demand / population growth rate. Buyers compare the price of a new home with the coast of an established home and will buy whichever is the best value. Many buyers don’t mind paying just a little extra to get a new home and will consider that better value than buying an established home. Until the population on the Capricorn Coast catches up with the oversupply of land and houses, it is unlikely that we will see much of an increase in property prices.