June quarter shows solid results for Bundaberg: REIQ data
DESPITE a small drop in sales activity, Bundaberg is recording solid activity in the housing sector with the median price jumping 5.4% to $284,000 in the June quarter.
There was a strong increase in sales in the $350,000 to $500,000 price bracket, with preliminary sales numbers nearly double the March quarter figures.
Sales were down about 10% in the sub-$350,000 price range but it still accounted for the majority of the region's house sales.
The Real Estate Institute of Queensland's Market Monitor guide, due out today, also suggests the top performing sales suburbs include Norville, Bargara, Millbank and Kalkie, which recorded increases in quarterly sales activity, along with steady results in Bundaberg North, Walkervale and Elliot Heads.
REIQ Bundaberg zone chair Michael Dempsey also highlighted Avenell Heights and Svensson Heights as strong performers.
He said the region's real estate market was already picking up heading into spring.
Mr Dempsey said there was a growing sense of optimism with the redevelopment of the port, the new natural gas pipeline set to create about 100 new jobs and the new Masters home improvement store which will result in more than 300 jobs.
He also said council reductions in infrastructure charges and other costs had promoted increased building activities.
"We're starting from a low base and those new developments make us optimistic about the future," Mr Dempsey said.
Bundaberg's unit and townhouse market had a drop in sales activity in the June quarter but upper end sales drove the median sale price for units up 14.1% to $267,000.
Unit sales in the $250,000 to $350,000 sector were relatively steady, with local agents reporting increasing interest from interstate investors seeking higher yields.
With people leaving the area for work reasons and not as many relocating to the region, tenant demand is still weak with vacancy levels at 4%, the REIQ guide suggested.
Median weekly rents from the Residential Tenancies Authority for three-bedroom houses remained unchanged at $285 compared to a year ago, while two-bedroom flats were down $5 to $225 a week over the same period. - APN NEWSDESK