Buyers looking to upgrade in Bundy
AS THE housing affordability crisis continues to push prospective home owners from the capital cities, investors and buyers are turning to Bundaberg, which is offering reasonable prices and decent returns.
Smaller properties between central Bundaberg and the coast, are proving the region's most active real estate market, according to Joshua Rub, principal of Raine & Horne Bundaberg.
"Properties between 1-3 acres and with three to four bedrooms are proving highly desirable with locals, especially given they are selling for between $340,000 and $450,000," said Mr Rub.
"The sweet spot for this market is properties located halfway between the coast and the town centre in suburbs such as Bargara, Elliott Heads and Coral Cove.
"Many of the buyers have growing families and they are looking for properties with more room to move plus space for the toys and animals."
Mr Rub said Bundaberg real estate was growing in popularity because it offered home owners the combination of a fantastic coastal lifestyle, with city-like conveniences.
"There are jobs if you are willing to work. Bundaberg, which is renowned for rum production, is now the macadamia capital of Queensland due to improved cropping technologies," he said.
"Bundaberg is at a critical point in its transition as a technology hub, which is attracting some interstate small businesses to the lifestyle centre."
Raine & Horne general manager Steve Worrad said it was possible to buy entry-level houses for under $200,000 in regional Queensland that could return gross yields above 5%.
"Towns such as Gladstone and Bundaberg are rallying economically, which is good news for buyers and investors looking for decent long-term returns at prices we probably haven't seen in Sydney and Melbourne since the turn of the century," Mr Worrad said.
The news comes just days after new data commissioned by Tenants Queensland found Bundaberg as one of the toughest places to live as a renter with high unemployment taking its toll on vulnerable households.