Bundy property market experiencing some volatility
THE Bundaberg house and unit market is unpredictable, according to the June quarter of the Real Estate Institute of Queensland's market report.
But there are a mix of positive and negative economic indicators present in the region.
The quarterly price fluctuation has positioned Bundaberg as the second-most affordable market for houses and units in June 2017.
In the report released today, the June quarter median house price fell 0.9% to $277,500, while the median unit price dropped 21% (the second-largest fall in the quarter) to $199,000.
The NewsMail reviewed the report of the house market in the region, and with the drop less than 1%, it faired better in the long run.
The report said the annual median data showed a moderate increase of 1.5% in the house market.
Looking at the housing market growth and fall in price over a five year period the suburbs to watch were Branyan with a 20.6% rise followed by Bundaberg West which rose 10.4%.
The suburbs where prices fell the hardest in the five years was Woodgate dropping 16.1% followed by Bundaberg North at 11.5%.
The regional also showed good news for investors and said with the State Budget Regional Action Plan, Bundaberg would receive about $30M in infrastructure funding this financial year.
With the main project being the Bruce Highway widening and rehabilitation between Hebbards Rd and North South Rd.
The report stated the region still needed additional state funding for major projects, such as the Primary and Secondary Spillway Improvement projects at Paradise Dam.
Both currently under preliminary business case assessment by Building Queensland.
If the projects were approved and get funding, they could potentially inject investment in the vicinity of $420 million, the report stated.
These business investments have driven economic development over the past few years.
The expansion of the Knauf plasterboard factory contributing to employment and other industries, such as ginger beer and macadamia production had also boosted investment.
Despite the increasing supply and the quarterly fall in demand, the house market is showing resilience and is classed as steady.
Annual median sale change over 5 years
Avenell Heights 2.7%
Bundaberg South 0.4%
Burnett Heads -1.3%
Svensson Heights -2%
Coral Cove -2.8%