Lazy half-million can buy ocean view homes in Queensland's Hervey Bay

Property on the Fraser Coast represents excellent value for money if you should have a lazy $500,000 lying around, according to valuation firm Herron Todd White's July 2016 residential market report which analyses the half-a-million dollar market.

Depending on buyer preferences, $500,000 can buy an executive four-bedroom, two-bathroom home with pool and shed on 2,000 square metres in Hervey Bay or perhaps a high rise, top to upper floor unit (circa 2007) with ocean views along the Esplanade. Units have significantly reduced in value since the GFC within most large developments, with a recent sale reflecting a 45% reduction since purchase in 2006.

Rural residential properties in Oakhurst and Tinana near Maryborough are reasonable buying, with most selling between $350,000 and $500,000, with little activity over this price point.

If uninterrupted ocean views are a priority, property in River Heads might be a consideration with a wide range of homes to choose from, particularly within the Turtle Cove Estate on the fringe.

"Most agents in the local area have reported that they have adequate buyers for property at the present time, however struggle to sustain a good volume of listings," says the HTW report.

"In conclusion, there is some terrific buying across most sectors with prices remaining stable and this is not expected to change in the short term."

Property Observer found a three-bedroom house with ocean views at 46 Turnstone Blvd, River Heads, Qld 4655 (above) which recently traded hands for $365,000. 

The median price of houses in River Heads was $342,500, according to CoreLogic RP Data.