Southern buyers snapping up Bundaberg homes
SOUTHERN buyers are snapping up property across the region in a northern migration not seen for many years.
Latest REIQ residential vacancy rates show the Bundaberg region tightened in the June quarter from 4.6% to 3.6%.
Bundaberg's gross rental yields are 5.3% for houses and 5.2% for units, some of the best in the state.
The median rent for a three-bed house in Bundaberg is $285 a week, among the most affordable markets in Queensland.
REIQ Bundaberg president Le-Anne Allan said last weekend her business - Richardson and Wrench Bargara Beach - had more than 135 people at open homes.
"I would confidently say at least 30% were southern buyers from South Australia and Victoria,” Ms Allan said.
"Those southern buyers are well and truly back in the market and I haven't seen them for a few years.
"Some are looking at investing and others are looking at relocating.”
Ms Allan said it was another sign the economic fortunes of Bundaberg were continuing to improve.
"Our rental returns are now backing up the good investment values and now we are seeing great investment returns for our landlords,” Ms Allan said.
"Six months ago, we had people moving around the market but now we have people settled in and staying longer.”
With the Knauf plasterboard factory, the State Development Area declared near the port and talks of a new hospital, Ms Allan said the region had a bright future, and others were catching on.
"It's not just statewide, or nationally, it's internationally,” Ms Allan said
"Beautiful climate, great food, fabulous infrastructure, not far from Brisbane.
"It's reinforcing who we are, where we are and what we are.”