Unit listing volumes in Fraser Coast jumps

Unit listing volumes in Fraser Coast jumps
Unit listing volumes in Fraser Coast jumps

Listing volume for Fraser Coast unit market has jumped, according to REIQ’s latest Queensland Market Monitor quarterly report.

The quarterly median house prices are typically more volatile than annual median data and this is true of the Fraser Coast market, which revealed a quarterly growth figure this quarter of 2.5 per cent, compared with a fall of 2.3 per cent in the December quarter last year.

Looking at the more consistent 12-month median house price data, the Fraser Coast has held steady for the 12 months to March 2017.

This is consistent with the 12 months to December also, where no change was recorded.

And like the house market, the unit market also experienced volatile growth on a quarterly basis, with a fall of 10.7 per cent from December to March.

However, looking at the more reliable annual data the Fraser Coast unit market grew 1.2 per cent, from $247,000 in March 2016 to $250,000 in March 2017.

The Fraser Coast has become the region with the largest percentage of houses (13.5 per cent stock of market) and units (18.9 per cent stock of market) listed for sale for the 12 months to February 2017.

This region is suffering from a dearth of funded infrastructure and investment projects that proliferate throughout other regions in Queensland.

Good news on the horizon, however, with the proposed $300 million Colton Coal mine near Maryborough, which was granted three mining leases in early May.

Once the mine reaches operational stage, it is expected to create about 120 jobs for the region and boost economic development.

The Fraser Coast could also become the renewable energy capital of Queensland over the next five years.

The Eco Energy World Australia project proposes to build a $280 million renewable energy facility at Aramara.

This project is expected to generate 150 jobs during construction and 11 part-time jobs when operational.

The housing market has remained steady over the past 12 months, reporting an annual median sale price of $307,500 for the March quarter.

Over the medium term, the annual median sale price recorded a modest growth of 7.9 per cent from $285,000 for March 2012 to $307,500 for March 2017.

The largest volume of transactions was below $350,000.

The volume of sales remained relative steady in the September and December quarters.

Preliminary data shows a reduction in the number of sales over the March quarter.

Click to enlarge

Unit listing volumes in Fraser Coast jumps

However, this is still subject to review to reach a meaningful conclusion.

Following the state-wide trend, listings increased in the Fraser Coast, up by 52.4 per cent from 3352 in February 2016 to 5107 in February 2017.

This resulted in a rise in the volume of stock on the market, up 4.6 percentage points to 13.5 per cent.

Median days on market and median vendor discounting recorded a modest improvement.

A house takes about 84 days to sell with a discount of 5.9 per cent for the 12 months to February 2017..

The annual median unit price increased 1.2 per cent, from $247,000 in March 2016 to $250,000 in March 2017.

Over the medium term (five years), the unit market has fallen 11.1 per cent with the annual median price dropping from $281,150 in March 2012 to $250,000 in March 2017.

The most active price range is for transactions below $250,000.

Click to enlarge

Unit listing volumes in Fraser Coast jumps

The volume of sales increased 12.2 per cent over the December quarter, from 82 sales in September to 92 sales in December.

The listings volume jumped 73.6 per cent, from 497 to 863 for the past 12 months.

The amount of stock on the market rose to 18.9 per cent.

This positions the Fraser Coast as the region with the largest percentage of units for sale in Queensland.

Median days on market and median vendor discounting fell slightly over the past 12 months, reaching 87 days and 5.8 per cent in February 2017.

A two bedroom unit at 9/63-65 Hillyard Street, Pialba (above) has been listed from $230,000.

The property was last sold in 2007 for $192,500 and again in 1993 for $94,000.

Similarly a three bedroom unit at 6/268 Ellena Street, Maryborough (below) has been listed for $199,000.

It last sold in 2007 for $200,000, in 2004 for $163,000 and in 1999 for $90,000.

Unit listing volumes in Fraser Coast jumps

Tags: 
Reiq Fraser Coast

Community Discussion

Be the first one to comment on this article
What would you like to say about this project?