Why Gympie, Bundaberg, Fraser Coast unit markets is red hot

Homebuyers hunting for a unit are having to dig a bit deeper into their wallets as the unit markets across Gympie, Bundaberg, and Fraser Coast have combined to become the hottest in Queensland.

Home buyers on the hunt for a unit in Gympie, Bundaberg, and on the Fraser Coast had best be prepared to dig a bit deeper into their wallets thanks to a scorching hot market revealed to be the best in Queensland.

CoreLogic’s latest Regional Market Update reveals the Wide Bay unit market has jumped almost 30 per cent (29.2 per cent) in the year from October 2020 to October 2021, adding an extra $66,330 to the average price of a unit.

It narrowly pipped the Sunshine Coast’s 29.1 per cent increase for the crown of the state’s best performer.

Wide Bay’s booming market was powered by Gympie where the price of units rose 41 per cent, with buyers now expecting to pay an average of $323,473.

This was up $94,060 on the average price.

Units were now staying on the market for less than four weeks, the 10th fastest average in the state.

Bundaberg’s market was not far behind thanks to a 31.8 per cent change, the fourth highest jump in the state.

A unit in the region will now set a buyer back an average of $267,594.

The Fraser Coast unit market also flashed into the top 10 thanks to a 24 per cent increase to $308,184, the seventh largest rise in the state.

The average price of units at the Fraser Coast increased 24 per cent in the 12 months from October 2020 and October 2021.

No data was available in the report for Bundaberg’s unit market.

Century 21 Gympie agent Janelle Walker said the city’s red hot rate was being caused by a bottleneck in the market.

Mrs Walker said buyers were now looking at units as the fall back option.

“They’re just going to units rather than trying to afford to buy a house,” Mrs Walker said.

This was a common plan among single people where the smaller lifestyle was not a problem and when combined with a scarcity of units on the open market was driving prices skyward.

“I could sell another 50 properties if we had them,” she said.

CoreLogic research analyst Kaytlin Ezzy said the Wide Bay’s thriving market, especially in Gympie, was brought on by a number of factors.

CoreLogic research analyst Kaytlin Ezzy said Gympie’s red hot market was being driven by factors including the sky high prices now being paid for units at Noosa.

These included lower than average advertised stock, strong buyer demand, and higher demand for regional areas thanks to changes in flexible working arrangements.

“Another key factor that is likely driving unit growth across Gympie is its locality, specifically its proximity to popular coastal markets such as Noosa and Rainbow Beach,” she said.

“As of October, the median unit value in Noosa was $1,049,069 the second highest of all the regional LGA’s nationally behind only Bryon Bay ($1,190,511).

“With affordability constraints pricing more and more households out of the Noosa area, Gympie, with a median unit value of $323,473 has become a more affordable and increasingly popular alternative.”