Fraser Coast most affordable area
ONLY three suburbs on the Fraser Coast saw median house prices rise in the last year, making the region among the most affordable in the state.
Craignish and Burrum Heads went up 3.9 per cent, while Tinana went up by 2.1 per cent.
But the Real Estate Institute of Qld’s latest report says the Fraser Coast region dropped 4.6 per cent over the year to settle at a median price of just $300,000 – down by $14,600 from 2008.
REIQ Fraser Coast zone chair Linda Bland pointed out the median house price on the Fraser Coast over the December quarter had gone up 4.8 per cent to $314,500.
“The region’s residential property market is steady.
“Agents are reporting a steady level of demand from buyers with sales in the mid $200,000s most prevalent in Maryborough and around $300,000 in Hervey Bay,” she said.
“Most demand is from owner-occupiers with plenty of stock available for them to choose from.”
The market was improving from the tougher conditions over the past 18 months, with confidence in the region overall improving.
“Confidence across the board appears to be on the increase.
“Agents are reporting more and more inquiry from buyers and that should augur well for the region in the months ahead.”
Only Gladstone remains arguably more affordable than the Fraser Coast, its median house price dropping by 5.5 per cent over the 2009 year.
In the December quarter Bundaberg and Toowoomba leapt ahead, with 9.7 per cent and 5.7 per cent increases respectively.
Toogoom, Granville and River Heads scored the biggest drops in prices in the 2009 year, with Eli Waters and Urraween chasing, not quite making it into growth figures.
The reduction of first home buyers in the Qld residential property market has had a dramatic impact on the latest median house prices, REIQ chairman Pamela Bennett said.
“The decrease of buyers in the more affordable end of the market has resulted in median prices in most areas of Qld being skewed upward over the quarter.
“During the economic uncertainty of late 2008 and 2009, we saw median house prices drop as first-timers took up a greater share of the affordable end of the market – due to financial incentives and low interest rates – and therefore pushed medians lower.
“Now the natural correction has taken place as first home buyers return to a more usual percentage of the market.”
The recent run of interest rate rises may put a dampener on the burgeoning market recovery as housing affordability worsens.”