Bundaberg is the third most affordable region for houses in Queensland with a property market that has experienced a steady 12 months. Multiple projects are currently being developed in the region which will hopefully increase demand in the near future.
The first load of gypsum has been delivered to the $70 million Knauf plasterboard factory at the Port of Bundaberg this week, and along with it, delivering high hopes of more prosperous times ahead for the local community.
Bundaberg’s housing market has held steady over the past 12 months, despite some economic ups and downs, with the annual median house price largely the same (up just 0.4 per cent) as this time last year, at $280,000. The REIQ Queensland Market Monitor, March quarter, reported that the annual median unit price is $250,000 which is down 4.3 per cent compared to 12 months ago.
Almost 38 per cent of homeowners in Bundaberg own their property outright, according to the latest Census. This is significantly higher than the state level of 29 per cent of owners who don’t have a mortgage. One factor behind this could be Bundaberg’s median age of 45 years, which is higher than the state median of 37 years.
The median days on the market remained relatively the same compared with 12 months ago. In 2016 the median days on the market were 68 and 67 in 2017. The median vendor discounting is similarly unchanged, with a slight 0.1 per cent drop in the 12 months sitting at 6.5 per cent in 2017.
Despite a relatively static market over the past year, the outlook is positive with major projects such as the Port of Bundaberg tourist hub and the scuttling of the Tobruk likely to attract new residents and tourists to the area, boosting demand for housing and triggering a lift in the economy.
Along with the Port of Bundaberg hub and the scuttling of the Tobruk, the Bundaberg and Aviation Precinct and the Burnett Heads Town Centre Redevelopment will create jobs and drive demand for housing. The REIQ is optimistic these projects will all get final approval soon.
Bundaberg MP Leanne Donaldson released the State Infrastructure Plan (SIP) to the community last week, promoting the plan’s benefits to the Bundaberg region:
“The SIP presents a clear pipeline of projects and gives industry and the private sector confidence to invest in our region which we know means jobs for locals.
“It has already improved the way infrastructure planning is coordinated across government and means projects get on the go faster.”
This plan is promising for projects that are in the Bundaberg and Wide Bay region. The SIP is reportedly supporting 1800 jobs this year.
Overall, the property market is performing steadily. Business confidence and consumer sentiment are on the rise. The REIQ is confident that when approvals are in place and the projects break ground, the economic benefits will be felt quickly and throughout the region.