Hervey Bay market active, but shows little signs of growth improvement: HTW

The market remains active at present with good volumes of sales in Hervey Bay across most price points, according to Herron Todd White’s latest monthly market report.

The property advisory firm says that 2015 saw around 194 sales of low density residential vacant land with 35 percent of these in the $150,000 to $175,000 price range.

To date in 2016, there have been approximately 65 recorded vacant land sales with 32 percent being in the $175,000 to $200,000 price range.

"We caution readers because the house and land package market in Hervey Bay is strong and a large number of vacant land sales are not recorded," the report advised.

The improved market although active is showing very little price growth. Since January 2015 the average price for residential homes in Hervey Bay has fluctuated between $320,000 and $340,000.

One example would be a three bedroom house at 9 Halcyon Drive that is for sale for $345,000.

"We note that this is for low density residential homes only and does not include larger acreage properties," the report stated.

In line with the average pricing, the most active price range was $300,000 to $350,000 with 30% of the 1,620 recorded sales. House and land packages are mostly targeting this range with the aid of local and state government incentives helping to attract buyers.

Although most sales are in the lower price ranges, there has been an increase in activity for higher priced property from 15 sales in 2014 to 39 sales recorded above $700,000 since January 2015. These include acreage and small rural properties.

Some 16 of these sales were in the Dundowran Beach locality and include three sales between $1 million and $1.25 million.

"Although there is a smaller buyer pool in this price range, these sales are very encouraging for broader market confidence," HTW advised.