Beaches, hot weather major drawcards as property prices rise in Wide Bay

• Property values are surging in regional Queensland due to population growth and a shortage of homes. 
• Beaches, hot weather, and “bang for your buck” properties are among the drawcards of Wide Bay. 
• Property analysts predict the trend will continue.

Queensland’s coastal region is experiencing the largest growth in property prices in Australia, as prices soar across the state.

CoreLogic’s latest report shows that property prices in the Wide Bay region, which includes Bundaberg, Hervey Bay, and Maryborough, have increased 65-75 percent in five years.

The Wide Bay has a number of “incredibly exciting ingredients”, according to property analyst Simon Pressley.

Housing costs combined with lifestyle are definitely a major draw for people looking to relocate from big, congested cities such as Sydney and Melbourne.

There is also the best weather in the country, I would argue.

“It’s an economic story, a lifestyle story, and a housing shortage story.”

Drawcard: what is it?

Locals attribute the boom to the region’s beaches, good weather, and large backyards.

After putting two houses on the market in recent years, Bundaberg builder Jake Chappel experienced the growth at work and personally.

“It was nice to be on the selling side,” he said.

Although I am sorry for some of these younger people who are buying now, I don’t think [prices] are slowing down.

In the beginning, it was probably because of cheap land and cheap properties.

“We have a good climate. It’s a bit hot at the moment, but it’s usually pretty liveable, pretty comfortable.”

In comparison to the [Gold and Sunshine] coasts and Brisbane, we still have great beaches and friendly people.”

Growth in the market

Over the past five years, Bundaberg property values soared almost 75 per cent to a median value of almost $480,000, according to a CoreLogic report.

There had been an increase of more than 67 percent in Hervey Bay to over $615,000, and an increase of almost 66 percent in Maryborough to almost $395,000.

With a median value of over $965,000, the Sunshine Coast outperformed the Gold Coast region which is sitting at more than $928,000.

A strong population growth in Queensland is fueling the high prices, according to CoreLogic’s head of research, Tim Lawless.

He explained that when housing values rise, it’s generally due to a mismatch between supply and demand.

Most of that migration is interstate, so more people are coming to Queensland from NSW and Victoria.

Also, internal migration rates are continuing to increase as more people seek regional housing or move to the regions because jobs are growing or housing is more affordable.”

However, Mr Lawless said high property prices were not good news for everyone.

Everyone who owns a home has seen their equity grow quite a bit,” he said.

On the other hand, affordability is becoming increasingly difficult for those without homes.

“Household incomes haven’t increased anywhere near that amount.”

Preparing to pay a premium

Despite the data, veteran Gold Coast real estate agent David Hamilton was not shocked.

Based on his work, he cannot see the market slowing down anytime soon.

The big jump occurred during the COVID years. The trend is expected to continue,” Hamilton said.

An increase in interstate arrivals cashing in on the Gold Coast market has only added to the already tight market, he believes.

According to Mr Hamilton, we’re no different from Byron Bay, the Sutherland Shire, or the eastern suburbs of Sydney.

People want to live here, to be close to the beach, and they’re willing to pay a premium for that.”