Southerners drive Bundy's property market to new heights
AS CONFIDENCE collapses in southern capital property markets, disillusioned homeowners are turning to the golden climate of a more affordable Bundaberg.
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AS CONFIDENCE collapses in southern capital property markets, disillusioned homeowners are turning to the golden climate of a more affordable Bundaberg, where they've quickly become a driving force in our real estate market.
Location Property Agents sales and marketing consultant Scott Wade said he was spending more of his time focusing on the southern markets, particularly Melbourne, after noticing a sizeable shift in the past six months.
Panicked owner-occupiers and property investors in Sydney and Melbourne have been spooked.
CoreLogic's monthly figures show prices fell 0.7 per cent nationally last month, with a 0.9 per cent slide in the capital cities and a 0.1 per cent fall in the regions.
Mr Wade sold one of the Bundaberg region's most expensive homes in 2018.
The property at 81 Bongiolettis Road had been listed on the market for a few years with a number of different agents.
It sold on November 6 for $960,000 to a Victorian couple.
Mr Wade said he was increasingly targeting Melbourne and Sydney buyers, who were becoming a serious driving force in the Bundaberg market.
"We've had a lot of interest in the past six months from Melbourne," Mr Wade said.
"Both Sydney and Melbourne are forecast to do really bad next year.
"We've got people looking to move away from there and they see the value here in Bundaberg." He said the warm climate was also a big attraction.
And while the southerners are helping drive sales activity, Mr Wade said there hadn't been a lift in Bundy's prices.
He said the region hadn't seen a real lift since 2007, more than a decade ago. "It's often cheaper to buy in Bundaberg than to rent," Mr Wade said.
"The big enigma is what will happen in Bundaberg next year, will it be good or bad?
"One of our challenges in Bundaberg is the region is so spread out and there's no scarcity of land."
Originally published as Southerners drive Bundy's property market to new heights
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