Hi Ana & All,
I've just returned from yet another trip to Hervey Bay and I still stand by my comments from Feb 2008 as the very same circumstance applies......be very careful buying in HB (see below):
For anyone thinking about Hervey Bay, please do some thorough research and be very careful. I have been studying the place solidly for the last twelve months and have been there three times in 2007 to make sure for myself. For the record and so people don't take this the wrong way, I will be buying there and I have a shortlist of properties I will be following up on as potential PPOR. I also have a 'long list' of potential IPs to consider.
I have compiled plenty of information particularly from real estate agents there and I have found that two more prominent 'local agents' (not any of the national franchises) consistently over quote property prices i.e. their final sales prices (if they sell at all....and a lot of them haven't) are $50K - $60K below what they are advertised for. Most of these places are still on the market after 12 months. So be very, very careful and don't believe a word of the media and agent driven hype surrounding the place, especially apartments and townhouses.
HB has had a big growth spurt, mostly 2004 - 2006, after which things have plateaued big time. So be very selective and be wary of over quoted pricing and rent appraisals from agents......don't get sucked in.
One of the 'spruiking' agencies actually sent out a Chamber of Commerce presentation from Herron Todd White with their newsletter. It makes interesting reading and is attached, I couldn't attach the PowerPoint presentation...sorry.
Bottom line is HB will be a good thing in the years to come, but it is going to take time. Just be very particular about what you buy into.
Many of the properties I looked at way back in 2007 have not sold and are still being advertised, most now with multi listings and yes the same two high profile REAs (local agents not national players) are still whacking stupid asking prices on the properties.
Apartment development has slowed but two multi apt complexes are under way around Pialba and it is evident the much spruiked 'Peppers resort' is still trying to offload apartments after all this time.
Also, new subdivisions are in abundance and further stages are yet to be released.
Be very careful buying in HB.....and don't listen to the agents!!! Oh, and if you're thinking of easy knock overs and putting up a string of townhouses, make sure you factor in the driveway and parking access.....it will crucify you if you're not careful.....once again, don't listen to the agents!!!
Further to local HB agents practices, a prominent River Heads agent is still promoting properties out there on the back of the long proposed 'marina'. My mail says the marina is $hit canned and will not be going ahead, the agent is allegedly aware but is still promoting it....tsk, tsk. About River Heads; lovely spot pity about the bloody sand flies!!!
I love HB and will still be buying there......pity about the redneck nutbag agents.
Cheers,
Ian.