Bundaberg and Bargara Research Factsheet 2nd Half 2017
Bundaberg regional area recorded a median house price of $293,000 (+1.0% annual growth) and median unit price of $254,950 (-1.8% annual growth) in Q3 2017. Bundaberg and its surrounding areas recorded a lower median house price of $259,750 (+2.7% growth) and $240,000 for units (-7.3% growth). Bundaberg property data encapsulates aggregate property sales from the following suburbs: Avenell Heights, Avoca, Alloway, Ashfield, Branyan, Bucca, Bullyard, Bundaberg East, Bundaberg North, Bundaberg West, Bundaberg South, Coonarr, Gooburrum, Kalkie, Kepnock, Millbank, Norville, Qunaba, Rubyanna, Sharon, South Kolan, Svensson Heights, Thabeban, Walkervale, Windermere and Woongarra.
Median house price in Bundaberg and its surrounding areas is reflective of sales in the higher end of the price scale. The housing market in Bundaberg and its surrounding areas offers a unique combination of being more affordable yet with higher capital growth, an attractive option for both owner occupiers and investors. The unit market in both Bundaberg regional area and Bundaberg and its surrounding areas is currently softening, suggesting now is the time for first home buyers to enter the market.
Average vendor discount over the past 12 months to Q3 2017 has widened to -6.5% for houses while units vendor discount has tightened to -3.3%. This suggests that buyers are willing to offer closer to unit’s first selling price. Average days on market for sales has increased to 82 days for houses and has significantly improved to 76 days for units, which further confirms higher demand in the unit market due to the recent price softening.
Over the past 12 months to Q3 2017, weekly median rent has softened to $290 per week for houses and to $240 per week for units. The average days on rental market in Q3 2017 has improved for both property types to 29 days for houses and 32 for units, demonstrating a strong rental demand. Combined with high rental yields of 5.5% for houses and 4.6% for units, as well as low vacancy rates of 1.3% within the 4670 postcode, Bundaberg and its surrounding areas is a strong rental market for astute investors in the long run.
Project developments in the 2nd Half of 2017 in Bundaberg and its surrounding areas are valued at approx. $63.0M. A majority of this (41.7%) will be invested in infrastructure, followed by commercial (31.9%), residential (22.9%), and industrial (3.4%) developments.
Carnavon Highway – North of Injune with approximately $12.0M project value is a key infrastructure project, which involves the widening of 15.6km narrow pavement to PBS 4 standard. This will improve liveability for the resident in Bundaberg and its surrounding areas.
Indigenous Wellbeing Centre Stage 2 is the main commercial project with approximately $10.0M worth of project value. It includes construction of new two-storey building which consists of allied health, community, cultural and welling being services, rehabilitation service, gymnasium, and four health related retail tenancies as well as car parking for 68 vehicles. Commercial activity in the region balances out increasing residential demand, which is conducive for future economic growthKepnock Road 144 Lot Subdivision Stages 1-14 is the main residential project with approximately $5.8M worth of project value which involves reconfiguration into 144 lots and construction of 330m new road. The project is due to commence construction in December 2017.