As median house prices in Brisbane and the Sunshine Coast climb to $740,000 and $972,000 respectively in the first half of 2023, buyers are increasingly chasing value along Queensland’s expansive coastline.
Enter, the City of Bundaberg. Situated four hours north of Brisbane (350km) and almost 100,000 local residents, the City of Bundaberg has seen a steep influx of new residents over the last three years.
A combination of economic and social factors, as well as an increasingly remote workforce means that those once confined to large metro areas are now free to seek new, less-crowded cities to call home.
So then, how is the Bundaberg real estate market coping with an influx of new investors and what is the property market outlook like in 2023? In this article, we’ll take a look at Bundaberg real estate market prices and trends in 2023 and shine light on the investment potential in the City of Bundaberg for would-be buyers as we head into 2024.
Table of Contents
- Why Buyers Are Choosing Bundaberg
- Bundaberg Critical Insights & Stats
- Bundaberg Real Estate Market Insights
- Bundaberg’s Best Real Estate Investment Opportunities
Why are Buyers Choosing Bundaberg?
Bundaberg, formerly one of South East Queensland’s best kept secrets, is in the midst of unprecedented growth and heightened property demand underscored by a 97% five-year population growth between 2016 and 2021.
In 2023, the population and economy of Bundaberg are growing well above national averages. The Bundaberg region enjoys a strong and diverse economic base in education, agriculture, and health, as well as the advent of new ag-tech sectors in food, bioproducts, and defence.
Investment of over $4.2 billion in capital projects that are under construction means that the local population and housing market are expected to soar over the next five years. For real estate investors or those looking for a sea change, the Bundaberg housing market may present one of the most exciting growth opportunities in Australia.
Bundaberg Critical Stats
Before we take a closer look at Bundaberg’s real estate market prices and trends in 2023, let’s take a step back to better understand the local demographics, and the numbers that provide insights into the Bundaberg region.
Population: 99,215 (ABS Data, 2021)
Population Growth Rate: 97.83% population growth 2016-2021
Median Age: 47
Number of Private Dwellings: 45,966
Median Household Size: 2.4 persons
Median Weekly Household Income: $1,157
Median Monthly Mortgage Repayment: $1,300
Bundaberg Real Estate Market Insights
An overview of the Bundaberg LGA real estate market for Q1 – Q3 in 2023 shows consistent growth and strong demand for the buy and rent markets. The median house price has seen a Q1 – Q3 growth of 9.11% and a unit price increase of 6.61% between Q1 – Q3 2023. As the population continues to grow, we expect these numbers to continue to grow over the next quarter to close out 2023.
Median House Purchase Price: $554,000 (+9.11% growth)
Median House Rental Price: $425 P/W (+7.85% growth)
Median Unit Purchase Price: $345,000 (+6.61% growth)
Median Unit Rental Price: $340 P/W (+8.27% growth)
Bundaberg’s Best Real Estate Investment Opportunities
Median House Price: $650,000 (up 6.6% October 2022 – September 2023)
Median House Rental: $550 p/w (up 4.3% October 2022 – September 2023)
Median Unit Price: $485,000 (up 3.2% October 2022 – September 2023)
Median Unit Rental: $470 p/w (up 14.6% October 2022 – September 2023)
Bundaberg South, 4670
Median House Price: $350,000 (up 4.9% October 2022 – September 2023)
Median House Rental: $442 p/w (up 22.1% October 2022 – September 2023)
Median Unit Price: $280,000 (up 14.8% October 2022 – September 2023)
Median Unit Rental: $330 p/w (up 10.0% October 2022 – September 2023)
Median House Price: $537,000 (up 11.1% October 2022 – September 2023)
Median House Rental: $530 p/w (up 14% October 2022 – September 2023)
Median House Price: $25,000 (up 7.6% October 2022 – September 2023)
Median House Rental: $500 p/w (up 4.2% October 2022 – September 2023)
Bundaberg Real Estate Trends – Beyond 2023
Bundaberg is a sleeping giant in the regional Queensland housing market. Highlighted by a doubling of the local population in just five-years and significant investment in capital projects over the next three years, the housing marketing in the Bundaberg region presents exciting opportunities for seasoned investors, right the way through to first-home buyers looking to make their mark in one of Queensland’s fastest growing regions. Ready to speak to an expert about investing in the area? As your local real estate agent servicing Bargara, Bundaberg, and everywhere in between, I can help you find the right property with ease.