Prices go through the roof as buyers target Coast village
REAL estate west of the Bruce Highway has hit overdrive with house prices escalating 10% year on year and housing blocks achieving values that couldn't be imagined 18 months ago.
Level lots sized at 800sq m in the Horizon North development sold out at $310,000 to $320,000 compared with the $175,000 to $205,000 achieved for similar sized allotments early last year.
In Woombye an influx of southern buyers combined with the area's accessibility and a rental vacancy rate of half a percent were proving powerful lures for everyone from investors to tree changers, retirees and young families who like the number of state and private schools within easy reach as well as commuters looking for a place close to the rail line.
Elders real estate agent Martin Fisher said Woombye, and to a slightly lesser degree Palmwoods, enjoyed 10% year-on-year growth with location a critical factor.
"We're 15 minutes to the coast, 15 minutes to the range, five minutes to the Bruce Highway, half an hour to the airport and the Brisbane CBD is only 75 minutes away," Mr Fisher said.
"Woombye village has everything plus a railway line.
"There are diverse groups of buyers including families with young kids, down sizers, tree changers, silver nomads looking to rest up and yield buyers."
With yields proportionally higher than Sydney and with a vacancy rate of just 0.5% for the 100 properties on its rental books, the area has appeal for investors.
"Twelve months or so ago only 25% of buyers were from interstate," Mr Fisher said.
"Now its 50-50 between interstate and local. Most of those from interstate are cash buyers, while th locals generally have to arrange finance."
For those buyers priced out of the Woombye market, Mr Fisher says Eudlo and the Mooloolah Valley and the northern end of the Glasshouse Mountains offer cheaper alterntives but with a slightly longer drive.
And he points to the west side of the Bruce Highway from Yandina to Cooroy and a rejuvenated Nambour as other potential opportunities for people not tied to the beach.