Bargara, QLD Real Estate Market Trends & Outlook 2024

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North East Queensland is set for a strong year ahead with falling interest rates and soaring prices in South QLD continuing to lure buyers further north.

With continued economic investment and an increasingly remote workforce, many of the buyers previously restrained to QLDs metro areas are now exploring opportunities in Bundaberg and surrounding areas.

Nestled along the coast of Bargara QLD, is situated just 13 km east of Bundaberg. Affording the conveniences and amenities of a regional city with the appeal of beachside living, Bargara attracts a diverse population of families, remote workers, and retirees.

As the population continues to grow, so too does demand in the real estate market. As we move into 2024, Bargara presents an appealing proposition for buyers seeking a sea change, as well as investors looking for opportunities outside of metropolitan areas.

Bargara Critical Stats

Before we look at Bargara’s property market trends, insights, and outlook for 2024, let’s take a look at the local demographics to better understand the area.

Population: 8,883

Number of Families: 2,603

Median Age: 54

Number of Dwellings: 4,595

Median Household Size: 2.2

Median Weekly Household Income: $1,261

Median Monthly Mortgage Repayment: $1,517

Note: The above data insights are courtesy of the 2021 Australian Bureau of Statistics (ABS) Census data.

Bargara Real Estate Market Insights

The Bargara property market continued to demonstrate significant growth through 2023. Average house prices surged by 10.57% to $680,000 and unit prices grew by a staggering 19.15% to a new median high of $560,000. With time on market sitting at just 18 days for houses and 21 days for units, there is little doubt that tight stock (just 165 houses and 65 units sold in 2023) and strong buyer sentiment are key factors in the growth. For investors, gross rental returns on houses sits at 4.35% and 4.66% on units – both figures are above the national average, although slightly lower than what we saw in Bundaberg during the same period.

Bargara House Price Insights

Median House Price: $680,000

12-Month Growth (2023): 10.57%

Quarterly Growth (Q3-Q4 2023): 4.78%

Average Annual Growth Rate: 10.57%

Median Weekly Rent: $550

Gross Rental Yield: 4.35%

Total Number of Sales (2023): 165

Average Time on Market: 18 days

Bargara Unit Price Insights

Median House Price: $560,000

12-Month Growth (2023): 19.15%

Quarterly Growth (Q3-Q4 2023): 9.80%

Average Annual Growth Rate: 9.03%

Median Weekly Rent: $472

Gross Rental Yield: 4.66%

Total Number of Sales (2023): 65

Average Time on Market: 21 days

Note: The following property price data and insights for Bargara, QLD are as of February 2024 and based on data accrued through the period of Q1-Q4 2023.

Bargara Real Estate Investment Outlook 2024

Recent market performance in Bargara underscores what we expect to see as we move into 2024. With house prices seeing a strong annual growth rate of 10.57%, and units seeing an almost unprecedented 19.15% annual growth, all signs point to a strong market in 2024.

For us, it’s not just the growth rate in average price, it’s the short time on market (18 days for houses and 21 days for units) that paints a clear picture of what we see in the market. With high demand and limited market supply, buyers are needing to move quickly to make a purchase. Traditionally, houses that may have sat for weeks or months with little interest are now moving in a matter of weeks.

The growth rate that we are seeing in Bargara is far above the national average and a strong indication that buyers are seeing the value. While rental yields remain relatively modest at 4.35% for houses and 4.66% for units, they are still above the national average and, coupled with the growth in prices, a good indication for Bargara’s investment potential.

Those looking to stake their claim on the local market in 2024 should note that stock levels continue to remain tight. With tight stock, comes strong competition that is likely to force prices even higher. Be the first to learn about properties for sale in Bargara to ensure you’re across new listings as they become available.