Housing Shortage set to continue
Here on the beautiful and fast-growing Capricorn Coast the property market is red hot, driven by a massive housing shortage, which looks set to continue. Over the last 4 years there has been a substantial 59% decrease in the number of properties available for sale. Resulting in fast sales and many homes selling before they are advertised, resulting in a number of buyers missing out on homes they want to purchase.
The local Capricorn Coast economy is growing from strength to strength thanks to;
Strong resource and construction sectors.
Due to the high number of jobs on offer combined with the highly desirable coastal lifestyle on offer in Yeppoon and Emu Park.
We have seen the number of out of town buyers increase from our traditional 50% to 83% of @ Real Estate buyers over the last 6 months being from out of town, causing further strain on an already undersupplied market. Over the last 18 months, we have seen a large increase in land sales and housing approval numbers. With established homes scarce, buyers have few properties to choose from and some are choosing to build instead.
In the 2018/19 financial year, Livingstone Shire council only saw 114 residential housing approvals, the lowest number in over a decade. Whereas in the current financial year, 2020/21 there has already been 151 approvals, that’s a 37% increase already, with three months still left in the financial year. If these numbers continue we are likely to see over 200 approvals for this financial year in total.
We have also seen an increase in the number of land sales. In the first 6 months of 2020 there were 58 vacant allotments sold compared to January to March 2021, there has already been 65 vacant allotments sell in half the amount of time. If the current trend continues it is likely we will see over 130 land sales for the first 6 months of this year, well over double for that period last year.
A recent land sale of @ Real Estate’s includes 15 Sea View Road, Yeppoon a 1,342m2 selling in only 7 days for above list price. Proving that land is becoming more popular to purchase with our seaside residents.
The Livingstone Shire Council has recently released their Livingstone’s 5 Year Housing Demand Analysis, where it is mentioned that ‘Over the next five years, there is need to build 330 new dwellings per annum’ to keep up with the housing demand. Although housing approvals have increased, with a projected 200 approvals for this financial year. There is still a fall short of approximately 130 approvals for the year. Proving that the housing shortage is set to continue.