What is fuelling the Property Market?
We are often asked, what is fuelling the Property Market and why is it so crazy on the Capricorn Coast at the moment? The answer really is quite simple, it is just basic supply and demand.
According to the previous census results from 2016, we need to build 330 houses to keep up with population growth. The last housing approval numbers available between March 2020 and May 2021 showed only 240 dwellings were approved, these are the highest approval numbers we have had since the 2015 to 2016 report which sat at 270 houses. The current numbers are still not enough to keep up with the growth of our seaside community. These statistics are a little outdated, but with the current stream of people wanting to move to our slice of paradise, we are predicting we will still be behind on housing numbers once they are updated.
The population growth has been fuelled by a number of things, obviously the natural population growth and of course who wouldn’t want to live on the beautiful Capricorn Coast. There is also a huge amount of employment opportunities around at the moment with all of the major projects in motion for the region. Some examples of these major projects include Shoal Water Bay Remediation Project, Bruce Highway Upgrades, Rookwood Weir, Clark Creek Wind and Solar Farm, Surf Lakes and much more. These projects are causing more people to move to the area, this combined with the natural population growth is creating a more diverse economy on the Capricorn Coast.
Combined with a growing economy, low stock levels and a lack of building activity, there is also a shortage of builders and other trades in the area. Many people who are looking to build, are waiting 12 months or even up to 18 months until construction is completed. A shortage of building supplies is causing further delays with construction.
If you have any questions regarding all thing’s real estate on the Capricorn Coast, give the @ Real Estate team a call, we are here and happy to assist you in any way we can!