Fringes of Queensland's Bundaberg showing softness in property market: HTW
Bundaberg city in Queensland had improved its position to approaching the bottom of market cycle -- both for houses and units -- from the bottom in April, according to valuation firm Herron Todd White's property clock for May.
HTW's property clock is a simple broad brush means of suggesting where property prices are and which direction they are headed to. The April report also mentioned fringe locations of cities and towns across Australia. Bundaberg was one of them.
The Bundaberg residential market is in 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 over the past year, indicating that vendor confidence in the market is growing.
Bundaberg’s unit and townhouse market remains static with sales activity easing over last year’s September quarter.
Fringe locations, often known as the tree change locations, have experienced even further softening in the market with extended selling periods required to achieve realistic sales. Affordability and larger allotment sizes are the drivers towards these outer areas. These markets historically won’t change in the medium-to-long term until the coastal markets show a more positive outcome.
Property Observer looked up some recent sales in the greater Bundaberg area around the median sale price of $269,000 on www.realestate.com.au.
1. A three-bedroom house at 99 Lamb Street Walkervale Qld 4670 traded for $265,000.
2. A three-bedroom house at 4 Swan Drive Kalkie Qld 4670 changed hands for $255,000.
