Hervey Bay Property Watch Q1 2014
There is an air of confidence being experienced in the Hervey Bay Area housing market with the six month period to November 2013 registering 832 transactions, a nine per cent increase on the five year average. The Hervey Bay Area median house price closed the November 2013 period with a median price of $312,000 nearing the price points that were witnessed prior to the economic uncertainty spurred by the Global Financial Crisis.
There is a healthy mix of buyers active in the Hervey Bay Area with first home buyers emerging as they take advantage of record low interest rates and comparative affordability. On the other hand, sellers are looking to move on and take advantage of a much more active market, with shorter selling time and better prices.
Investors are forever present in the markets of the Fraser Coast, as rental demand remains high in neighbouring mining localities, the thrifty investor may look to relocate to capitalise on affordability and escape the shifting demographic the resource sector may bring in order to take advantage of lifestyle amenities on the Fraser Coast.
The rental market in the Hervey Bay Area has performed increasingly well over the past three years experiencing rental increases across all the dominant rental dwelling types. The Hervey Bay Area housing rental market is expected to continue its strong vein of form with houses providing over 80 per cent of the dwelling options. Similarly, the house rental market has kept parity with unit median rents and therefore provided the more affordable option for the thirty per cent of Hervey Bay renters.
As there is currently a pipeline of large-scale development projects attracting workers to the Hervey Bay Area, it is expected that as rental demand increases, so will rental prices. With the market seemingly moving in an upward direction with a similar sentiment to the 2006-07 market, it may represent a solid opportunity for investors to get into the market early.