WA investors purchasing in Central QLD

Yeppoon’s oceanfront ‘Oshen’ has seen investors from Western Australia buying up the a number of remaining apartments in the $35 million development.

Concept Living Properties, the developer of Oshen, has totalled $4.5 million in sales over the last three months, within which five sales adding up to $2.1 million were to resources workers from WA.

Sales in the development add up to $24 million at present, with one-bedroom apartments from $329,000 and two-bedroom from $589,000.

It is the first apartment development in Yeppoon since 2009 and included one-, two- and three-bedroom apartments.

Project marketing agent, Ross O’Reilly, put this down to their expectations for growth in Central Queensland, after having seen the strength of their own mining industry-driven areas.

“Astute investors have identified tremendous upside in the region and this has galvanised them into action,” O’Reilly said.

However, Central Queensland is said to offer a more diverse economy than that seen in many WA towns.

“A host of major projects, including the $600 million redevelopment of Great Keppel Island has shone the spotlight on the region and greatly enhanced its national profile,” he said.

Similarly, the merging of Central Queensland University with Central Queensland TAFE in January 2014 has provided an uplift in interest.

A supply issue has been felt on the Capricorn Coast, he said, with a lack of stock coming online.

“In Yeppoon, the population is rising at a rate of 3.8 per cent annually, double the Queensland average,” he noted.

“Now that the building is rising, buyers know the project will be delivered and they have the certainty of a fixed construction timeline.”

The development will be complete by the end of December this year, and will include business facilities, a pool, barbecue area and onsite management.