Hervey Bay Property Factsheet 1st Half 2019
Hervey Bay, which for this research factsheet is represented by all suburbs in the postcode 4655, recorded a median house price of $363,000 and $270,000 for units in Q1 2019. These figures represented an annual (Q1 2018- Q1 2019) price growth of 3.7% (house) and 4.5% (units). Compared to the Hervey Bay 2nd half 2018 Research Factsheet, which reported an annual (Q3 2017- Q3 2018) median price change of 7.8% (house) and -0.4% (units), houses in Hervey Bay have become more affordable while units have strengthened in value.
Hervey Bay, which for this research factsheet is represented by all suburbs in the postcode 4655, recorded a median house price of $363,000 and $270,000 for units in Q1 2019. These figures represented an annual (Q1 2018- Q1 2019) price growth of 3.7% (house) and 4.5% (units). Compared to the Hervey Bay 2nd half 2018 Research Factsheet, which reported an annual (Q3 2017- Q3 2018) median price change of 7.8% (house) and -0.4% (units), houses in Hervey Bay have become more affordable while units have strengthened in value.
In comparison, Fraser Coast Regional Local Government Area (LGA) recorded a lower median house price of $330,000 in Q1 2019, signifying a relatively stable market. Median unit price in Fraser Coast Regional Local Government Area (LGA) were at $270,000 in Q1 2019, with an annual price strengthening of 5.9%. This suggests that that the property market in Hervey Bay reflect premium median sale prices and further capital growth potentials when compared to the LGA.
Over the past 12 months to Q1 2019 median house rental price recorded an annual strengthening of 1.4% to $355 per week, whereas median unit rental price remained stable at $300 per week. Investors are currently benefiting from low average days on the market, for both houses (19 days) and units (20 days). Vacancy rates in Hervey Bay have declined from 2.5% (June 2018) to 1.7% (December 2018). Further, investors are benefiting from high rental returns for house (5.0%) and units (5.8%).
Hervey Bay is set to invest approx. $82.8M of future developments that are scheduled for construction in the 1st Half of 2019. Majority of the development value is being spent on commercial projects ($57.7M or 69.6%), followed by residential ($23.1M or 27.9%), and Infrastructure ($2.0M or 2.5%).
