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The Hervey Bay market in Queensland is returning to form due to local employment opportunities and high rental returns, a national real estate agency has reported.
An analysis by PRDnationwide showed 832 property transactions took place in Hervey Bay during the six months to November last year.
Sales volumes are currently nine per cent higher than the five-year average for the area.
In addition, the report suggested house prices have returned to their pre-GFC peak.
PRDnationwide research analyst Angus McLean said Hervey Bay was attracting a stream of new residents working on construction projects.
In particular, the Stockland Shopping Centre expansion and construction of the St Stephen’s Private Hospital were creating a need for new workers.
Mr McLean suggested this steady population growth was bolstering the local rental market.
“The influx of workers and their families to the region has underpinned increased demand in the rental market, which has in turn created a number of solid opportunities for investors in Hervey Bay,” Mr McLean said.
According to the report, rental yields rose in the last 12 months for all types of dwellings except one-bedroom units.
“Landlords that own a four-bedroom house or a three-bedroom unit collected as much as $20 extra per week in 2013, and as demand intensifies, we may see further rental increases in the near future,” Mr McLean said.
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