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Luxury units about to rise

WITH only a few sales to go until construction starts on Yeppoon's newest luxury unit development, it's clear the property tide has turned on the Capricorn Coast.

O'Reilly's Real Estate principal Ross O'Reilly, who is spearheading off-the-plan sales of Waves on Ocean at Ocean Circle between Yeppoon's Main Beach and Farnborough Beach, yesterday said it's been a positive month for unit sales on the Capricorn Coast.

“The development was launched at a quiet time about 12 months ago but in the last three or four weeks we've had four units go to contract and two more are on hold,” he said.

Mr O'Reilly said Giarc Developments, the company behind the luxury 20-unit development, was extremely keen to start building as soon as possible to take advantage of lower building costs.

“They are certainly willing to negotiate on the remaining units so they can kick off as soon as possible,” he said.

New figures from the Real Estate Institute of Queensland show unit prices at Yeppoon have increased by 56.6% over the past five years.

However, Mr O'Reilly said the median unit price of $295,000 was extremely affordable when compared to other areas of Queensland and given the spectacular views offered by most of the Capricorn Coast.

The biggest increase in median unit prices over the past five years was at Loganlea which saw figures rise by 172% to a median price of $286,500.

The agency has also sold a number of established units recently, which Mr O'Reilly believes is a good indicator that the confidence in the market is returning.

“When things go quiet it starts with land sales, then units, then houses and now it's going back up again, the houses were first, the units are coming back on again now and land sales will pick up again soon,” he said.

The last remaining unit at Harbour Heights at Rosslyn Bay Harbour was also sold recently for $650,000.

UNIT PRICES

Unit price increases in Queensland over the past five years

• Northgate … 102.5%

• Carina Heights … 99.3%

• Corinda … 95.2%

• Stafford … 95.2%

• Loganlea … 172.9%

• Caboolture … 171.0%

• Windaroo … 155.3%

• Stapylton … 86.9%

• Tugun … 57.5%

• Currumbin … 52.4%

• Nambour … 66.0%

• Peregian Beach … 47.5%

• Warana … 42.5%

• Toowoomba city … 91.5%

• Urangan … 6.9%

• Bundaberg North … 40.0%

• Bargara … 11.1%

• Yeppoon …56.1%

• Mackay … 120.0%

• North Mackay … 117.5%

• South Mackay … 100.4%

• Hyde Park (Townsville) … 147.6%

Source: REIQ.


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