Hervey Bay Market Update 2 nd H a l f 2 0 2 4
FUTURE DEVELOPMENTS
OVERVIEW
In Q3 2024, Hervey Bay* recorded a median house price of $680,000 and a median unit price of $490,000. This is an annual (Q3 2023 – Q3 2024) price growth of 9.6% for houses and 11.4% for units. Comparing Q3 2023 vs Q3 2024 total sales dropped by -16.8% for houses (to 308 sales in Q3 2024) and -14.0% for units (to 111 sales in Q3 2024). Price growth and less sales suggest a clear undersupply in the market, creating a buffer against higher interest rates. Now is an ideal time for owners to capitalize on their investments, especially as there are no new standalone houses planned for construction for the rest of 2024.
CHANGE FROM LAST
YEAR
Hervey Bay is set to see approximately $265.5M worth of new projects commencing in the 2nd half of 2024. Residential Mixed-Use Projects
$23.5M
HALF YEAR
HOUSE SALE S
$32.6M
Infrastructure
$27.2M
HOUSE ME DIAN PRICE
Commercial
$181.0M
HOUSE RE NTAL PRICE
Industrial
$1.2M
UNIT SALE S
A key commercial project in the 2nd half of 2024 is Lakeview Springs Lifestyle Resort Residences ($70.0M). The project will construct 255 2- and 3-bedroom aged/care retirement units/residences within the Lakeview Springs lifestyle resort.
UNIT ME DIAN PRICE UNIT RE NTAL PRICE
Key residential projects included:
$
•
Baylinks Estate Pialba Subdivison Stages 5-9 & 11-17 (204 Lots)
MARKET CONDITIONS
•
14 Honiton Street ($7.0M, 8 Apartments & 8 townhouses)
SALES
•
441 Esplanade Units (5 Units)
MEDIAN PRICE Q3 2024
$680K
$490K
MEDIAN PRICE Q3 2024
$600
AVERAGE DAYS ON MARKET Q3 2024
64
50
HOUSE
U N I T
RENTALS
$465
Although there are some residential projects planned, none brings new stand-alone houses to the market. This has the potential of pushing up house prices even further.
AVERAGE DAYS ON MARKET Q3 2024
19
19
HOUSE
U N I T
37 Units/ Apartments
28 Townhouses
266 Lots