Annual median house price climbs to highest in decade
THE Fraser Coast property market reached its highest median house price in a decade with Maryborough ranked the best selling suburb in the region.
We closed out 2017 with growth of 2.6 per cent and an annual median house price of $316,000.
Maryborough had 267 sales with an annual sale volume averaging $200,000.
Urangan was runner up with 200 sales averaging $322,500.
The latest figures released in the REIQ Queensland Market Monitor showed falling listings volumes combined with rising sales volumes in the September quarter were factors behind the rising median house price.
The unit market fell 2.4 per cent to an annual median of $255,000, with medium-to-high density dwellings losing about $6000 in value over the past year.
According to the REIQ report, the Fraser Coast had the highest level of stock on the market for both houses and units, of all areas featured in the QMM.
The large supply of houses for sale provides more options to potential buyers and reduces negotiation power for vendors.
The report also revealed the renewable energy sector remained as a rising industry on the Fraser Coast, with four different projects already approved by council: North Aramara Road Solar Farm,
The Susan River Solar Farm, Teebar Clean Energy and Munna Creek Solar Farm.
The cumulative value of these projects is in the vicinity of $740 million.
The construction of the $200 million Munna Creek Solar Farm in Gundiah has recently been granted development approval.
This project will employ about 300 workers during the construction stage.
While the regional council continued efforts to generate economic development and employment, the Wide Bay unemployment rate ranged from 8.5 per cent to 10 per cent in 2017.
Another disappointing result was the level of employed people of 112,000 in December 2017 compared to the highest of nearly 120,000 reached in late 2012.
According to the report, the rental market fundamentals have strengthened over the past year, with rental supply holding steady and putting pressure on lower vacancies and higher rents.
However, some local property managers have highlighted a lack of employment opportunities as a potential issue for the rental market in 2018.
The 2018 outlook for the house sales market is stable and remains heavily dependent on the regional economic fundamentals strengthening in the year ahead.
The unit market outlook remains challenging as the affordability of the house market supports the buyers' preference of houses above units or apartments.