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ISCOVER
Staff Reporter
The resources boom is driving the property market in key mining towns, new research has found.
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According to a new report by PRDnationwide, Yeppoon and Rockhampton are both enjoying a significant increase in sales activity.
In Rockhampton, the median sales price increased by 1.6 per cent to reach $285,000, while Yeppoon was the most active suburb in terms of sales, recording 81 transactions in the last six months.
Barry Vale, principal of PRDnationwide Yeppoon, said the real estate market had been in a 'critical condition' until about the beginning of October.
"The last six weeks have seen a major shift in the market and sales have been very good if not great," he said.
"The primary buyers are end users and the investment buyers are not about in numbers yet. The rental side of our business is in boom times. If we had another 100 rentals in the $400 to $600 per week range we would have them rented by Christmas. Tenants are looking for four-bedroom, ensuite, two car garage type homes and will pay for them."
"Our vacancy rate since July has been extremely low but the people moving to our area want a quality product. Once the investment buyer rediscovers the Yeppoon market stock will become an issue.
"Local builders are looking for reasonably level land to build spec homes and are snapping up any such land that hits the market. Sloping blocks are still difficult to sell but these generally have the best sea views and as the market heats up the more talented builders will take these on.
"Strong indications are that with the week on week off roster in place in the mine fields and similar rosters coming on line in Gladstone the Yeppoon and Capricorn Coast market will only grow stronger.
"With Balaclava Island looking set to go and Great Keppel Island approvals drawing closer the Capricorn Coast's outlook is sunny."
