Fraser is the place to build
THE FRASER Coast is among the most affordable regions in Qld to build a home, with an average construction cost of $310,428.
“But we’re still considered unaffordable by international standards,” Master Builders regional manager Rory McDonald said yesterday.
“Hervey Bay has a median house price-to-household income ratio of 4.4 and Maryborough’s is 3.8. A ratio of over 3 is considered internationally to be unaffordable.
“But overall the news is good for this region and there is no time like right now for young couples to give up renting and to build a new home.”
The Fraser Coast average of $310,428 is only 3.1 per cent higher than the cheapest Qld location (Brisbane) and is 13.6 per cent lower than the most expensive site of Cairns.
Mr McDonald said in terms of the trades, the three key costs were preliminaries (11.6 per cent), concrete (9.6 per cent) and plumbing and drainage at (9.2 per cent).
“Material costs on the Coast account for 51.3 per cent of the cost of building a home and labour accounts for 32.7 per cent.”
Fifteen regions were surveyed by Master Builders and Reed Construction and Maryborough’s established house median price for a four-bedroom, two-bathroom home was $330,000 while Hervey Bay rated $380,000.
The Bay’s price rose by 2.1 per cent in the year to December 2009 and Maryborough’s fell by 1.2 per cent. In the same year Hervey Bay’s vacant land price fell by 3.1 per cent o $157,000.
“Projects that were put on hold two years ago for varying difficulties are now being revisited by developers who are looking at them as viable.
“This is good for our region’s future.”