Property market booming on the Coast
SETTLING a $1m deal with an Australian-wide retailer in the coastal town of Yeppoon, O'Reilly's Real Estate has proven business is heading in the right direction.
Shae O'Reilly, who returned to help the family business in 2013, said the property market, both commercial and residential, was in full swing, after he settled a block at Hoskyn Drive developed for an Australian-wide retailer.
"This result is a good sign that major Australian retailers are still looking to expand to Yeppoon and the Capricorn Coast," Shae said.
"These companies do their research and look at population growth as well as other economic indicators when choosing locations so this bodes well for our long-term prospects on the coast."
He said the commercial, industrial and retail markets were still moving on the coast and investors were looking for the superior profits that were available buying commercial compared with what was available at the banks or on the share market.
"Returns on commercial property are still quite high in Yeppoon and most regional areas when compared with the major cities where yields have dropped in line with interest rates in recent years," Shae said.
Shae, 26, said the family's independent real estate business recently achieved commercial and industrial sales of over $12m.
"I also had a villa in the harbour settle last week for well over $1m so that's another good result for the coast and perhaps a sign that a bit of confidence is sneaking in," he said.
Shae said he had seen a few southern residential buyers in the Capricorn Coast recently who had sold their top of the market homes in Sydney and Melbourne for the coastal experience which offered excellent affordability.
"You can sell a standard three-bedroom house in Redfern for $1m right now then come up here and purchase a mansion on the beachfront for the same price."