Hervey Bay Property Report 2nd Half of 2019

In Q3 2019, Hervey Bay recorded a median house price of $364,000, and a median unit price of $240,000. This represents annual (Q3 2018 – Q3 2019) growth of 1.8% for houses and -15.8% for units. Total sales slowed in Q3 2018-Q3 2019, by -22.9% for houses (307 sales in Q3 2019) and by -24.2% for units (69 sales in Q3 2019). There has been less stock in the market, thus low listing figures. With growth in median house price now is an ideal time to transact.

Average vendor discounts between Q3 2018 and Q3 2019 has remained wide for both property types, at -5.3% for houses and -5.4% for units. Market conditions in Hervey Bay favour buyers, where sellers are willing to negotiate below their initial listing price.

Over the past 12 months, house rental yields in Hervey Bay increased significantly to reach 4.7% in June 2019. This is above that of Fraser Coat LGA (4.6%) and Brisbane Metro (3.8%). This suggests the house rental market is in a healthy position, especially as the house rental median price increased by 5.7% to $370 per week.  

2 bedroom houses have provided investors with +7.1% rental growth annually, achieving a median rent of $300 per week.

Hervey Bay recorded a low vacancy rate of 1.8% in June 2019, indicative of a declining trend and sitting below Fraser Coast LGA (2.3%) and Brisbane Metro (2.5%). This confirms a healthier rental demand exists in Hervey Bay.