Affordability key to Hervey Bay unit market: Herron Todd White

Affordability key to Hervey Bay unit market: Herron Todd White
Affordability key to Hervey Bay unit market: Herron Todd White

Hervey Bay has gradually absorbed any excess apartment overstock over the last five to six years after a sustained period of oversupply and wavering sales prices, according to Herron Todd White.

Herron Todd White's September Month in Review found currently there is reasonable demand for units close to the CBD and beach, with the sales price difference between new and old apartments minimal.

"Onground 1990 two bedroom, one bathroom units may sell for only $20,000 less than a circa 2007 modern two bedroom, two bathroom townhouse in a similar location," the report noted.

"It appears that the demand for onground units appeals to a wider market and is likely to appeal to an older buyer (with many retired residents on the Fraser Coast).

"Most of the older unit stock in original condition predominantly sells from $190,000 up to $230,000. Newer units may typically sell for between $250,000 and $330,000, with higher priced stock above this range selling for $380,000. Buyers in the unit market comprise a mix of investors and owner occupiers, with most units selling within six months of the original listing."

Michael Crawford

Michael Crawford

Michael is the real estate reporter for western Sydney and loves writing about homes and the people who live in them. A former production editor and news journalist, he enjoys writing about real-world property purchases as well as aspirational buys and builds. Following a recent move from Sydney’s northern beaches, Michael now actually enjoys commuting.

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Housing Affordability Apartments

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