Coastal town proves why it has the strongest property market
A SMALL coastal town is making waves in the local property market, proving itself to be one of the strongest in Capricornia according to a national report.
REIQ's report for the March quarter of 2019 stated Emu Park had seen an annual median sale increase of 6.5 per cent from $310,000 in March 2018 to $330,000 this year, with 41 sales.
Emu Park is 21 kilometres south of Yeppoon and has seen an annual median sale increase of 4.8 per cent from $315,000 in March 2014.
Principal at Professionals Emu Park Kevin Doolan said the market was strong with a large number of inquiries coming through.
"A lot of people are moving into the area and a majority of them are owner occupiers,” Mr Doolan said.
"We have been seeing some big sales in the higher end of the market.
"A property sold last week for $500,000 and another at the end of March for about $700,000.
"We have gone through a fairly rough patch over the past few years and property prices are starting to head north again.”
With the rising confidence in the market, Mr Doolan said people were starting to realise the time to buy in the regions was now.
"You have got very low interest rates and the property market is starting to turn around and head north again after being at its lowest for many years.”
He said vacancy rates were at an all time low, "pretty much at 0 per cent”.
"Looking in front of me, we have only got two properties available for rent,” he said.
"There is so much work around in the mining industry and people are coming to live here. The rental market is very tight.”
McLeod St, Richard St and Granville St were listed by Mr Doolan as being the highest in demand, with their close proximity to the CBD a major draw card for potential buyers.
"Emu Park has got the small village atmosphere about it and that's what people like,” he said.
"You can walk everywhere. There are plenty of cafes here, you have got IGA, plenty of doctors - everything you need. It's a great community.
"If you go past the sidewalk cafes on the weekend, they are always full of people for breakfast.”
He said owner occupiers were showing the largest amount of interest in the property market, but he would like to see more investors come on board in the near future.
"There have been no investors in the market here for six to seven years,” he said.
"A lot of properties have sold and gone to owner occupiers.
"I would like to see investors come back and show some interest in the market out here.”