Gympie, Fraser Coast, Bundaberg real estate | Best buyers markets

Buyer’s markets are springing up across the Gympie, Fraser Coast and Bundaberg regions as new figures reveal a change is underway across the Wide Bay’s property market, including the first month-on-month drop in value. Find out where’s hot and where’s not:

One property expert believes plenty of life still remains in real estate competition across the Wide Bay despite new figures showing the scorching hot property market has begun to chill.

New figures from CoreLogic have revealed in the past month Hervey Bay’s average house price dropped 0.6 per cent to $612,779, the first month-on-month drop across the region.

It was the only negative growth across the Wide Bay in that period.

The Gympie-Cooloola region narrowly avoided a similar downturn with values up only 0.2 per cent in June.

Bundaberg and Maryborough fared slightly better with prices up 1.7 per cent for the month to $431,362 and $419,725 respectively.

It signals a significant slow down for what has been among the hottest regional property markets in Queensland this past year.

In the 12 months from June 2021 to June 2022 the Gympie-Cooloola housing market had the fourth-highest growth of regional Queensland at 30.01 per cent, while Hervey Bay’s soared 28.31 per cent, the eighth-best performer.

However, data from real estate insight group PropTrack has shown areas of the Wide Bay continue to be buyers markets thanks to more houses hitting the market amid a slide in demand.

Real estate insight group PropTrack said Gunalda, 29km north of Gympie and 60km south of Maryborough, had become a buyers’ market on the back of a rise in listings and drop in demand. Photo: Greg Miller / Gympie Times

Gunalda, north of Gympie, had the biggest rise in listings with 60 per cent, but the largest drop in demand with a 9.9 per cent decrease.

Further north in Bundaberg, Avoca had the second largest rise in listings at 37.5 per cent, but the smallest drop in demand with a 2 per cent decrease.

Urraween, in Hervey Bay, recorded the smallest increase in listings at 13.10 per cent, but had a greater decline in buyers than Avoca with 2.4 per cent decrease.

Elders Curra Country sales consultant Karen Heij said there was no doubt a slowdown in the housing market was underway “but land was still selling well”.

Mrs Heij said this year‘s interest rate rises had had an impact, but believed they would not stop the market altogether.

“Personally I think it will pick up again,” Mrs Heij said.

Urraween near Hervey Bay had emerged as the Fraser Coats’s best buyers market at the same time the Hervey Bay region experienced the Wide Bay’s first month-on-month drop in house values. Photo: ALISTAIR BRIGHTMAN 07h2213n

The property market in the regional townships between Gympie and the Fraser Coast, including Gunalda, was leading to a demographic shift in the areas.

Older residents were selling up to move closer to medical facilities and relatives since the lockdowns.

These houses were then being snapped up by younger buyers.

Most of the interest was coming from the Sunshine Coast, Mrs Heij said, where housing prices had soared too.

Proptrack economic researcher Cameron Kusher told NewsCorp the data showed overall supply was increasing, the rate of sales was slowing and buyers were being presented with more choice.

“As a result, there’s not that sense of urgency,” Mr Kusher said.

Elders Curra Country real estate agent Karen Heij said Gunalda’s demographic was changing as older residents sold their homes to move closer to family and medical centres, while more young people were moving to the rural areas.

“The higher priced areas seem to be seeing the biggest drops in demand, so there may be some benefit in upgrading if you need to buy and sell in the same market.”

CoreLogic research director Tim Lawless said the slowdown pointed towards a looming “correction” in the market.

“The quarterly growth trend across the Wide Bay region has reduced from 8.3 per cent over the three months ending April 2022 to 4.3 per cent through the June quarter,” Mr Lawless said.

He said the Wide Bay as a whole had recorded the highest growth rate in regional Queensland over the past year.

House values had risen 27.3 per cent, he said, adding about $103,000 to the average value of a home.

“Looking forward, we are expecting growth conditions to continue to cool across the broader region as interest rates rise, affordability constraints become more challenging and lending conditions tighten,” Mr Lawless said.

Originally published as Gympie, Fraser Coast, Bundaberg real estate | Best buyers markets