REIQ says Bundy market is growing
THE Bundaberg residential property market is gearing up for more growth heading into the spring selling season, according to the Real Estate Institute of Queensland.
The REIQ June Quarter 2014 Housing Market Review reveals solid growth in the Bundaberg market.
REIQ Acting CEO Antonia Mercorella said the review reflected increased buyer confidence and a sense of optimism about the prospects of local real estate.
"These are the figures many vendors have been waiting for - shorter days on market, significantly reduced vendor discounting and increased buyer competition," she said.
"They show the Bundaberg real estate market is on a trajectory of growth, with buyers growing more confident as we head into the spring selling season."
According to the review, the Bundaberg median house value was up 0.1% in the June quarter to $296,661, and up 2.5% over the past 12 months.
Average vendor discounting in Bundaberg is down to 7%, compared to 9.7% in June 2013. Over the same period, average days on market in Bundaberg have fallen from 96 to 83.
REIQ Bundaberg Zone Chair Michael Dempsey said there was growing confidence in the local market.