Glen Winney says Fraser Coast, Bundaberg, Gympie property markets strong
New REA Group data has revealed 113 of Queensland’s 775 towns and suburbs experienced a fall in median house prices since hitting their peak. Eight of these were in the Wide Bay.
Home hunters looking for a unit in the Wide Bay will have to dig deep thanks to a scorching hot market revealed as Queensland’s best.
Real estate industry leaders have shot down suggestions the scorching hot property market across Gympie, the Fraser Coast and Bundaberg has begun to stall despite some suburbs experiencing a slump in sale prices.
New REA Group data has revealed 113 of Queensland’s 775 towns and suburbs experienced a fall in median house prices since hitting their peak.
Eight of these were in the Wide Bay.
Branyan, on the outskirts of Bundaberg, recorded the largest slide from its peak median price, down to $400,000 compared to the $427,500 median price that houses were selling for in April 2021.
This was a drop of 6.4 per cent.
Childers had the second largest drop at 3.1 per cent, with houses now selling for an average of $265,000, $8000 less than they were being snapped up for in March 2021.
The median house price at Childers was down 3.1 per cent from its March 2021 peak of $273,000, according to the latest REA Group data.
Bundaberg East was the only other suburb around the Rum City to experience a drop.
Four Fraser Coast towns experienced a similar price slip: Burrum Heads, Granville, Dundowran Beach and Aldershot, which dropped a sliver from $259,000 in January 2022 to $258,500.
Goomeri was the only Gympie region town to drop in price, from $213,000 in December 2021 to $210,000.
Fraser Coast Property Industry Association president Glen Winney said the market had steadied compared to how it was at Christmas, but prices had not dropped.
“It’s more of a stock issue than anything else,” Mr Winney said.
Fraser Coast property Industry Association president Glenn Winney said the market had steadied, but this was more because of stock issues than anything else.
Outside factors like interest rates and inflation “will try to slow the market,” he said. But there was still 12-18 months of demand for new housing across the Fraser Coast, and this would continue to drive the market.
When that interest trailed off the market might slow some at the end of 2022, but Mr Winney said the capital cities would feel the effect before regional areas did.
First National Real Estate Childers’ partner David Carlon said any suggestion the market was starting to decline was “rubbish”.
Mr Carlon said inquiries had “eased off a bit” in the past few weeks but still expected prices to continue rising for the next year.
There was nothing specific he could attribute that slow-down too, he said.
But the market surge across regional areas did not have a clear reason either given Childers had not had any increase in the number of available jobs or new services.
“I’ve been in the industry for 30 years and I don’t understand the market at all at the moment,” Mr Carlon said.