Herron Todd White – Month in Review – Hervey Bay
Demand continues to outstrip supply for property on the Fraser Coast and this has been the case now for the past six to nine months. Interest in smaller seaside localities has dramatically increased with the absorption of most available land stock and some opportunistic vendors cashing in on the overwhelming demand.
The Turtle Cove Estate in nearby River Heads is just one example. There has been an oversupply of land for at least the past fifteen years with nearly two hundred sites on the market. This estate now has minimal land for sale with many vacant sites which are now selling for over $200,000 may have previously sold in the low $100,000s. The small beachside community of Toogoom has experienced some long overdue capital growth with some properties achieving a twenty per cent increase.
The coastal areas south of Maryborough, including Maaroom, Boonooroo, Tuan and Poona are small seaside fishing communities fronting the Great Sandy Strait and overlooking Fraser Island. Over
the past twelve months the residential market in these areas has improved. The number of both houses and vacant blocks which have sold has increased and time on the market has decreased.
Poona saw an increase of 11 per cent in the median house price from 2019 to 2020. Both Boonooroo and Poona have had an oversupply of vacant land for an extended period of time.
In Poona in 2019 there were 12 sales of vacant blocks with the median price being $94,500. With the increase in demand, in 2020 there were 32 sales of vacant blocks with an increase of 4.8 per cent in the median price to $99,000. Boonooroo has seen the median price of $100,000 in 2019 increase 25 per cent to $125,000 in 2020. As stock continues to be absorbed, it is expected that capital growth will continue over the short to medium term in these areas.
Tracy Lynd & Tracey Werder