Ensure you never miss an issue of the
real estate business bulletin
Hervey Bay market bounces back

Hervey Bay market bounces back

by Staff Reporter 0 comments

The Hervey Bay market in Queensland is returning to form due to local employment opportunities and high rental returns, a national real estate agency has reported.

An analysis by PRDnationwide showed 832 property transactions took place in Hervey Bay during the six months to November last year.

Sales volumes are currently nine per cent higher than the five-year average for the area.

In addition, the report suggested house prices have returned to their pre-GFC peak.

PRDnationwide research analyst Angus McLean said Hervey Bay was attracting a stream of new residents working on construction projects.

In particular, the Stockland Shopping Centre expansion and construction of the St Stephen’s Private Hospital were creating a need for new workers.

Mr McLean suggested this steady population growth was bolstering the local rental market.

“The influx of workers and their families to the region has underpinned increased demand in the rental market, which has in turn created a number of solid opportunities for investors in Hervey Bay,” Mr McLean said.

According to the report, rental yields rose in the last 12 months for all types of dwellings except one-bedroom units.

“Landlords that own a four-bedroom house or a three-bedroom unit collected as much as $20 extra per week in 2013, and as demand intensifies, we may see further rental increases in the near future,” Mr McLean said.

Hervey Bay market bounces back
lawyersweekly logo
promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2017

The REB Top 100 Agents ranking is the foremost ranking of agents in Australia. It has set the bar for excellence in Australian real estate. To be ranked as an REB Top 100 Agent is the standard real estate professionals strive for. See the full 2018 ranking here!

featured podcast

featured podcast
An industry where the resilient succeeds

Tim Heavyside believes that a strong support team and good foundations are paramount to success in the real estate industry, and with regu...

View all podcasts

Would you consider working for Purplebricks or a similar 'DIY' model?

Yes (7.2%)
No (80.9%)
Perhaps - make me an offer (12%)

Total votes: 209
The voting for this poll has ended on: July 13, 2018
Do you have an industry update?