Things are heating up around CQ, and I am pleased to report that buying activity has improved substantially.
Since my last market update for Riverstone Rise, we have had a further five sales, which will bring the annual total to 10. Over that period, the average land sale was $130,000, with most purchasers being first home buyers taking advantage of the government’s incentive. There was also an encouraging number of interstate buyers seeking a lifestyle change from Brisbane, NSW, and the Sunshine Coast.
In July, we made some significant price reductions to blocks in the estate to meet the market. Some blocks were reduced by $20,000, which brought in a fresh wave of enquiry as buyers considered whether to buy existing properties or build their dream home.
The estate is now busy with builders starting new houses, which is fantastic to see. We also see now across CQ and most of Australia that our builders are the busiest they have ever been and struggling to keep up with the mammoth demand of new builds. This is primarily due to the number of new homes approved by the Housing Industry Australia (HIA), which saw 13,527 approvals in December 2020. The HIA reported this was the second strongest growth in 20 years.
Queensland Building and Construction Commission (QBCC) figures have shown the 2019-2020 financial year saw 25,695 new house approvals, with the 2020-2021 financial year already at 25,530.
In August this year, I hosted a fundraiser for the RSPCA Cupcake Day, which raised over $300 for a wonderful cause. A huge thank you to the residents of Riverstone Rise and locals from Boyne Island/Tannum Sands who stopped by to show their support. We will certainly be doing this again and will consider the suggestions from locals to support a local charity next time.
Here’s an overview of some key statistics around the local Boyne Island market. Remember, this information is a guide only. If you are looking to obtain specific information and pricing about your property, we recommend speaking to one of our sales agents to assist further.
Occupancy- 66% Owner 34% Renter
57 Sales for 2021
$383,000 Average house sale (4 bedrooms)
It has certainly been a strong year for our community, and we hope to see this trend continue across the region. I look forward to speaking to many more clients looking to call Riverstone Rise home in the year ahead.