Hervey Bay Qld

[Janvid]

Hi all.

Does anyone have actual and or recent experience with the market in Hervey Bay, as in % value increases over the last few years, rents, etc. I have an IP which I have held since about 1997 and hear different and mixed messages about what the prices are doing. The IP is 2 streets back from the beach at Torquay, a small block with a small house. In about October last year my PM had one of the agents look at it who valued it at $240,000, while at the same time the back valued it at $150,000. Talk about a difference?????

Hervey Bay has always been full of hype with not much truth to back it up. I would be interested in hearing from anyone with actual experience in Hervey Bay.

 

[dwyerfam]

Janvid,

I don't have a IP in Hervey Bay (just yet), but I have been monitoring the local paper from Hervey Bay each week and I have to say that the properties prices have skyrocketed in past 12 months or so. I also go by the figs that are publicly released (i.e. from REIQ and stats in the API mag etc).

For example, in the AFR issue over the recent Xmas/New Year break, there was a article on the top 100 growth locations near the seaside around Australia. Hervey Bay ranked 39th out of the 100 locations listed (ranked fifth out of the Qld seaside locations). The gain over 12 mths was reported as 37.5%.


As for the rent, you can monitor this (free) information via the Qld's RTA website.

http://www.rta.qld.gov.au/september_quarter_2003.cfm

According to the website, the Median Weekly Rents for 2 Bedroom Houses (as of Sept 2003 Qtr) was $150 per week, $185 for a three bed and $220 for four bed. I expect that they will all increase (again) for the Dec 2003 Qtr.

Hope that helps a bit.

Danny D.

 

[Janvid]

dwyerfam

Thanks for the info. The web address you posted contains very useful information. I wonder if there is similar information available in other States?

Thanks

 

[markpatric]

I like the Hervey Bay and Bundaberg areas!, I think the potential for these areas is huge with people from the south and retirees.
If by some chance you want to sell the property for a reasonable price (no agent) quick sale I`d be very interested, as I want to move there.

 

[Janvid]

Thanks for the interest, but I am a buy and hold investor.

 

[phm]

Hi there.

We were in the Bay a couple of weeks ago and were amazed at the price increase. We used to live there and go back about once a year. I reckon that house prices have gone up by $75K since last January. I use a standard 3br brick home as a comparison.

Don't you love the roundabouts!

 

[DaveP]

I do invest in Hervey Bay

I bought a shack one street back from the Esplanade Feb 2001 for $85K. Bank revalued it the other day for some finaance at $260K. I get $155/week rent. Doing nicely on initial investment but not a good return on current value.

Also bought an Esplanade Property for $185K same time. Had Offers $450K plus in last 3 months.

The market is still moving but not as rapid.

Rental Vacancies are now starting to appear. 12 months ago you wouldnt see a rental ad.

I am currently building a house in a small township nearby. And house prices have moved from 90K to 150K+ in the last 12 months. Rental is also hard to find in the town.

Hope this helps

DP

 

[cathyb]

Having moved here 8 months ago and bought 5 months ago I agree with Dave that sales have slowed but prices are still strong. Since the new year though there appears to have been many more sales than in December.

Of course every local tells you just "how cheap it was 12 months ago and how I have paid too much". 12 months ago i'd barely heard of HB.

I think they still dwell on the boom and bust of the early nineties and the possibility of a repeat.

I don't necessarily agree with their sentiment.

Cathy

 

[Dos]

Hi all,

I was pointed in the direction of "Fraser Waters" that I beleive is up that way.

Do you guys know how far it actually is from the centre of Hervey Bay and if the beaches in that area are nice? I have seen a few maps and photos and it doesn't look close to much and the beaches look a little iffy??

Any opinions on the area or the development......

Dos

 

[Lovitz]

Hervey Bay

Hi

I have just joined the forum and read your post of Sep 03.

Not sure what you mean by back valued, is it that the real estate agent valued the property between 150k and 240k?

Anyway, I bought two 1/2 blocks in HB January 2003 for $80k each. Property didn't settle till Aug so I didn't have make any reapayments till then but contract was dated 26-1-03 (thus only pay 1/2 CGT) so I now have one of the blocks on the market for $178k. I have already had 20 + enquiries and two offers at $150k.

I am not in a hurry to sell at this point, but am watching the market carefully.

Jake

 

[Freedom]

I am not sure of the exact location of Fraser Waters, but a close friend had a block in River Heads for a number of years. This is where the barge departs for Fraser Island.

Beaches are more like mud flats - and when the tide is out it is just more mud flats.

Extremely magnificent views - made my jaw drop the first time I saw the place.

The big problem - sand flies or biting midge. Makes it extremely difficult to be outside for several hours morning and evening. Locals wear long sleeve shirts and long pants. Any uncovered skin needs to be covered in an insenct repellent - they used baby oil and dettol. Nearly all year round. The insect bites are extremely itchy for about a week.

Can make it very difficult to sell a house or land - especially in quieter times and to those that know.

This sand fly problem continues for some distance on the road back to Hervey.

Apparently it is very hard to solve, lots of scientists have looked at it. The combination of salt water and fresh water creates breeding grounds and they love it.

Hope this helps.

 

[Captain]

Hi there,

I bought a 3 bed brick veneer in the Bay (Scarness) last Sptember for $186,500. I offered $500 over the ask to secure it and had it valued this week for a refinance at $220,000.
Not a lot of $$ but at a gross annual return of 42% it seems to have gone OK.
It just seemed at the time that it was geographically so close to the Sunshine Coast that the price differential was unnaturally low. Here’s hoping for more of a correction.