Looking to buy? Fraser Coast market ripe with bargains
THREE Hervey Bay suburbs are bucking the trend as statistics reveal the Fraser Coast recorded the biggest drop in home values across Queensland this quarter.
The Real Estate Institute of Queensland's quarterly report for December 2015 paints a sombre picture for the Coast - but it's not all bad news.
In the region the median house value slipped 7.3%, down to $287,000.
At a 3.7% fall, Mackay was the only other market in the state to record negative growth in house value.
What is your non-negotiable when it comes to buying a house?
This poll ended on 24 March 2016.
The price, i stick to my budget when house hunting
It has to have a nice kitchen and bathroom
It has to be on a decent size block of land
It has to be a new or newer house
An older house I can renovate and increase the value of
The suburb has to be one I love
The yard has to be a decent size
None of the above
This is not a scientific poll. The results reflect only the opinions of those who chose to participate.
It was bad news for sellers in most Bay suburbs as median house sales in Eli Waters dropped 9%, Toogoom plunged 11% and Pialba was down 7.9%.
Maryborough had a slight fall of 0.7% to $193,000.
But several Hervey Bay suburbs bucked the trend.
In Point Vernon; 20 sales last quarter saw the median house value rise 19.5% to $352,000.
Scarness and Torquay were the only other suburbs to record growth with 10.1% and 1.1% increases.
Taking the positives from the report, REIQ Fraser Coast chairman Damian Raxach said now was the time to enter the market.
"It's a fantastic time to buy," he said.
"If you want to bag a bargain do it now at the bottom of the market.
"There's a few people who will make a lot of money in a few years time if they buy now when it's this low."
But Mr Raxach could not put his finger on the cause of the negative trends.
"It's very weird because the statistics don't align with the feeling in the market place," he said.
"I know agents talk the market up but at the end of the day the feeling in the marketplace from everyone I speak with is pretty confident.
"The market seems to be bumping along pretty nicely then you get this report and you see it's not the case."
The most expensive suburb is Urraween with a median sale price of $357,000.
Spending on average 112 days on the market, homes on the Fraser Coast were listed longer than anywhere else in Queensland.
Mr Raxach said the December quarter was quiet with "four to six weeks of almost complete inactivity" around Christmas.
"Having December in that quarter is difficult because that is traditionally an exceedingly slow month," he said.
The REIQ report also spruiks the increasing confidence after the Fraser Coast Regional Council made planning changes to facilitate the Urangan Marina and a 20-storey building development.
The Chronicle understands an application for development at the marina site could be about one month away.
The trend in median home values this quarter
Eli Waters: -9%
Point Vernon: 19.5%