Port boosting real estate
PROPERTY values in regional Queensland are expected to achieve steady growth in 2018 and Bundaberg is no exception, according to real estate group Raine and Horne.
The diversity of the Bundaberg and regional Queensland economies is one of the reasons more people from Brisbane, Sydney and Melbourne are "going bush to earn a living,” Raine and Horne Queensland general manager Steve Worrad said.
"Regional Queensland's affordability is a major appeal for owner-occupiers and investors, with values starting at less than $200,000 in some regional centres.
"This figure won't even pay for the stamp duty on some properties in Sydney and Melbourne.
"It's also clear that improved infrastructure such as better internet connectivity is boosting the appeal of living and working outside capital cities, while it appears stronger mining conditions will also help values in some Queensland regional growth hubs in 2018.”
Raine and Horne Bundaberg principal Joshua Rub said the the average price for a three-bedroom, two-bathroom house in the 4670 postcode was an affordable $280,000.
The average price is up by just $2000 compared to January 2017.
"We expect the same steady growth in 2018, which means there will be value for those owners who sell this year, while savvy buyers will find some real estate bargains across the Bundaberg LGA,” Mr Rub said.
He said the 2017 announcement of the Bundaberg State Development Area, established in response to demand for land, which can be utilised for port-related and industrial activities around Port of Bundaberg augurs well for the local economy, business, jobs growth and longer term property market growth.
"It is expected the SDA will support manufacturing industrial development, the extractive industry, large-scale industrial development, port related activities, industries to support major industrial development and materials transportation and utility and service infrastructure in the Bundaberg and Wide Bay areas,” Mr Rub said.
"Longer term, the ongoing investment in Bundaberg Port by the Gladstone Port Authority will continue to underpin the region's economic growth and real estate markets.
"We're seeing how economic diversification is underpinning other major regional towns in Queensland, and our port is central to Bundaberg's long-term prospects and jobs growth,” he said. The other drawcard for investors to Bundaberg was investment returns.
"Bundaberg's investment yields of more than five per cent are sure to catch the eye of savvy interstate investors who seek to cash in on the town's positive long-term real estate outlook,” he said.