Great news for Capricorn Coast Home Owners
Previously there was a ceiling, or a limit as to how much prices could improve by, as the Capricorn Coast market had an oversupply of land for several years. Traditionally, as long as there is plenty of land available, home buyers will only pay up to the same amount for an established home as they could potentially build a new home for, creating a ceiling on the prices of established home or existing stock, until the surplus stock is sold. Interestingly we are witnessing a change in the tide with a massive 43% increase the number of land sales in the first half of 2020 being 73 vacant allotments sold compared to 41 allotments the same time in 2019.
Another interesting statistic to watch is the housing approval numbers for the Livingstone Shire Council area, as they had been steadily decreasing from 270 in financial year 2015/16 down to 114 in 2018/19. However, the year 2019/20 recorded 163 housing approvals. Not only is this a good sign that the oversupply of land is a thing of the past and the market has and returned to balance, but it is also a great sign for our local economy and construction jobs.