Bundaberg home prices bounce back
PROSPECTIVE Bundaberg homebuyers can look forward to entering a market that improves with each day, according to PRDnationwide and the Real Estate Institute of Queensland (REIQ).
While PRDnationwide recorded an activity increase of 19.7 per cent between January and June 2009 to record 1065 settled sales, the REIQ September quarter median prices show property price growth in most major regions of the State, as well as sales numbers, holding steady.
PRDnationwide Bundaberg principal Ainsley Driver said he believed the Bundaberg market was unlike a lot of the boom-and-bust towns around south-east Queensland.
“The coastal and metropolitan cities tend to have a steeper increase, where if you look at the latest statistics by PRD’s research department, we’ve had a pretty steady growth rate - it’s not a big percentage of capital growth if you look at the average, but the overall sustainability is actually really quite good,” Mr Driver said.
He said despite there being a “bit of a lull” in the market last month, Bundaberg was getting back on sturdy feet now and carried a secret weapon in its arsenal.
“One of the biggest advantages going for Bundaberg is its affordability,” he said.
“If you look again at some of our research statistics, over 50% of our homes range between $200,000 and $300,000. Compared to other cities like Gladstone or Mackay, we haven’t actually out-priced ourselves for the first homebuyers.”
PRDnationwide found the most affordable home sold for $103,000 on 721sq m in Walkervale, while the highest priced house sold for $1.7 million in Bargara on 1275sq m.
“It’s also good for people who actually just want to enter the market, and the rental return is still quite good,” Mr Driver said.
REIQ Bundaberg zone chair Mike Dempsey said more affordable houses meant the outlook was positive in Bundaberg.
“First-time buyers and investors are still driving the market in the more affordable areas,” he said.
“With a good vacancy rate and more people migrating here, things are looking prosperous for the new year.”