Inner Bundaberg house prices skyrocket

HOUSE prices in Bundaberg’s inner suburbs have skyrocketed in the past year – but prices across the city are still lower than five years ago.

Bundaberg REIQ zone chair Michael Dempsey says local real estate is on the road to recovery. Picture: Max Fleet

HOUSE prices in Bundaberg's inner suburbs have skyrocketed in the past year - but prices across the city are still lower than five years ago.

Sales figures from the Real Estate Institute of Queensland show prices in the June 2015 quarter in Bundaberg North and Bundaberg South have risen 17.4% and 14.1% since the June 2014 quarter.

The median sale price in Bundaberg North was $229,000 and in Bundaberg South it was $235,000.

Bundaberg REIQ zone chair Michael Dempsey said the market was beginning to recover from the floods.

"Bundaberg is just starting its recovery. Everything is starting to look a lot more positive," he said.

"I think we're heading to a boom. Median house prices in Bundaberg are just so low at the moment."

He said while prices dropped in some suburbs last quarter, there had been an increase in sales on properties at the bottom end of the market.

Mr Dempsey said location and block sizes in inner city suburbs such as North Bundaberg, South Bundaberg and West Bundaberg were driving demand in those suburbs. But prices across Bundaberg city were still lower than they were five years ago.

Prices were 8.4% lower in Bundaberg North, 9.6% lower in Bundaberg South and 11.5% lower in Bundaberg East.

Other Bundaberg suburb house prices have dropped on last year with houses in Avoca down 2.1%, Thebeban down 6.3%, Millbank 8.6% lower and Norville 5.5% lower.

Mr Dempsey said Burnett Heads was a booming area - a claim the figures backed up with prices up 9.9% on the previous year and 10.9% on five years ago.

- APN NEWSDESK