*Data courtesy of Herron Todd White and Core Logic
They say time flies when you’re having fun – and it’s hard to grasp another year is drawing to an end!
Since launching our new business Mitchell’s Realty Hervey Bay on the 5th of January 2016 we have proudly listed over 85 properties and placed 59 under contract!
We experienced some of the strongest buyer activity we have seen in many years over the past 3 months and expect this to continue into the New Year. Most of our Capital cities and larger regional markets have reported similar demand so those buyers who had to sell their home 1st in order to move to Hervey bay over the last few months are expected to arrive in January looking to purchase.
If you are thinking of selling and would like to know where your home would sell in the current market – contact our team on 07 4125 2950 and we will arrange to view your home or investment property & prepared a detailed current market analysis report for you at no cost or obligation.
Hervey Bay Residential Market Update
There seems to be something happening in every corner of Hervey Bay at present with a number of new developments in the construction phase. We are also starting to see more Small residential projects coming to market. These provide an opportunity for “mum-and-dad style” investors to break into the next level of property speculation. It’s important to be well informed as even the most seemingly minor of projects can be a financial undoing – particularly if you don’t get fully prepared before taking the leap.
The most common type of small project in the Hervey Bay area at present appears to be a mixture of compact infill developments which offer five to ten lots of varying sizes and location. There have also been some owner occupiers with larger two hectare sites taking on the challenge of subdividing to provide additional lots. Properties such as this have been rezoned within the last few years to low density residential LDR 1, with a minimum lot size of 2,000 square metres. Most of these larger sites have reticulated town water available, however sewage services are not council provided so sewage treatment systems are required. Suburbs with these larger lots tend to be located in Wondunna and Urangan, with sites typically selling between $165,000 to $220,000 depending on the lot size, topography and ancillary improvements such as existing sheds. As with any potential development, it is imperative to investigate proposed infrastructure and surveying fees and driveways (for battle axe access) in order to assess whether the project will be viable in the long run.
The market for vacant land over 2,000 square metres appears to be steady at present, with demand and supply fairly harmonious overall. Construction of new dwellings has improved for local builders in recent times with feedback being very optimistic and positive. Many builders currently have new homes at various stages of construction across the wider Hervey Bay area including Burrum Heads, River Heads, Toogoom and Dundowran Beach.
Key Development currently progressing across Hervey Bay at Present include:-
• The substantial three storey, 154 room Residential OzCare facility on land located between Main Street and Royal Drive in Pialba that will generate up to 100 construction jobs and 80 on-going full-time jobs in the aged care sector;
• A two storey, 145 bed Padman Health Residential Care facility at Medical Place in the hospital precinct in Urraween that will generate another 70-80 on-going jobs; and,
• The New 1,500m2 Aldi Supermarket in the Urangan commercial centre between the new McDonalds and the existing Woolworths Shopping Centre on Boat Harbour Drive, which is expected to generate another 15-20 full time jobs and Opened this week.
Approved subdivisions entering construction phase, including:
• 14 Industrial lots on Drury Lane, adjacent to the existing Industrial Park in Urraween, which includes a road connection between Urraween Road and the Pialba Burrum Heads Road; and,
• A mixed use development located between Stirling Drive and Main Street involving the creation of 3 Commercial lots and 42 small lots (avg. 250m2) intended for Residential development. An application for a Childcare Facility has also been lodged over one of the Commercial lots.
The extension of existing residential communities is also continuing, with a number of Estates entering the next stage:
• Augustus Stage 9 (58 new lots)
• Flamingo Park (70 new lots)
• Huntingdale Woods Stages 3-7 (will include 83 new lots)
• Ocean Blue Stage 6 (34 new lots)
• Highview Stage 4 (25 new lots)
• Bay Reserve Stage 2 (14 new lots) and Parklands Stage 3 (25 new lots)
In addition to these there are a number of NEW residential land estates which have been approved and are expected to commence in the New Year:-
• The Sanctuary Estate – 175 lots in 5 Stages
• Madsen Road – 148 lots in 9 Stages + 60 RV home sites
• Silkwood Drive – 30 lots in 3 Stages
• Boundary Road – 94 lots
• Gilston Road – 20 lots
• Swiss Court – 10 lots
- Note that the current “$12,000- Destination Hervey Bay Grant” is scheduled to end in March next year 2017 for eligible buyers across a number of these estate (full details available @ https://www.destinationherveybay.com.au ) – so there has never been a better time to invest in Hervey Bay !
In closing we would like to thank all of our clients both past & current as well as all of the buyers who we have assisted who now call Hervey Bay home. The support from our community has been overwhelming towards our new business and we are truly grateful.
Our team wish you all a wonderful Christmas & prosperous New Year!
All the best !
Scott, Katrina & Christabelle