Wide Bay's property market set to straighten out in 2016
THE Wide Bay region, taking in Bundaberg, Fraser Coast and Gympie, revealed patchy results in the year to September but the REIQ is optimistic the area will show more consistent results in 2016.
On the Fraser Coast sales turnover was stable towards the end of the year - compared with 2014, house and unit sales numbers were up, signalling improving market conditions might be around the corner.
The Fraser Coast residential property market is in a stable phase and confidence is up as agents, buyers and vendors recognise the green shoots of recovery on the horizon.
The economy may soon receive a boost with potential contracts for Maryborough businesses under the Federal Government's $50 billion navy fleet upgrade.
Average days on market are relatively unchanged compared with a year ago.
This stability is something the market has welcomed after several years of weak conditions.
The house market, however, still has some way to go since the downturn following the GFC.
The Fraser Coast's median house price for the year ending September was down 3.2% compared with five years ago.
In Bundaberg the residential market is also tracking along a stable period, with quarterly sales volumes remaining relatively consistent since mid-2013.
The median sale price has similarly remained consistent at $269,000, with no change over the past year.
House listings increased 6% over the year to August, indicating vendor confidence in the market is growing.
Bundaberg's unit and townhouse market remains somewhat patchy with sales activity easing over the September quarter.
Given its proximity to the Sunshine and Fraser Coasts and relative affordability, more investors and home owners are looking to the Gympie region.
The nation's aging population is an indicator areas such as Tin Can Bay, Cooloola and Gympie will appeal to retirees, and this means the area is one to watch.
House prices have started to stabilise, with the median house sale price steady by the September quarter at $227,000.
Other indicators pointing towards a recovery in the house market are improving average days on market and average vendor discounting.
Gympie's rental market gross yield for houses remained at 5% across most of 2015, indicating good opportunities for investors and a stable rental market.