North Queensland’s Innes Park is set to continue on a steady house price growth trend, with low vacancy rates and migration set to boost demand for housing in the region.
With increasing numbers of city folk given the option of remote work, many are looking to make the move to quieter areas for residence. It’s no surprise then that demand for real estate in QLD’s remote regions like Bundaberg are seeing spikes in buyer interest.
Situated on the Northeast coast, Innes Park lies just 15 km from Bundaberg Central, offering the delights and comforts of coastal living coupled with easy access to the region’s largest city centre for lifestyle amenities. Sprawling natural reserves take up most of the suburb, signalling high potential for future growth as development activity picks up.
As a tight-knit and growing community of families, retirees, and coastal dwellers, Innes Park is an attractive option for buyers or investors seeking a slice of paradise in Queensland that offers returning value.
Innes Park Critical Stats
Before we take a look at the current real estate market for Innes Park, let’s set the stage with the key demographics of the area.
Number of Families: 687
Median Age: 42
Number of Dwellings: 922
Median Household Size: 2.7
Median Weekly Household Income: $1,674
Median Monthly Mortgage Repayment: $1,517
Note: The above data insights are courtesy of the 2021 Australian Bureau of Statistics (ABS) Census data.
Innes Park Real Estate Market Insights
Innes Park’s real estate market is in a good position to continue its growth trend into 2024 and beyond. Median house prices held steady over the last quarters in 2023 at $755,000, with an annual growth rate of 12.56% over the past few years. High demand and short supply in the housing market have pushed total house sales to 77 in 2023, with 25 average days on the market causing buyers to make their moves quickly. Investors can look forward to a sizeable returns with gross rental yield at 4.5%.
[H3] Innes Park House Price Insights
Median House Price: $755,000
12-Month Growth (2023): +4.9%
Quarterly Growth (Q3-Q4 2023): No change
Average Annual Growth Rate: +12.56%
Median Weekly Rent: $530
Gross Rental Yield: 4.5%
Total Number of Sales (2023): 77
Average Time on Market: 25 days
Innes Park Unit Price Insights
Data for unit prices in Innes Park is limited due to the low presence of apartment units in the area. As a suburb that is primarily filled with built homes, development for units is still underway and may become more available in future.
Note: The following property price data and insights for Innes Park, QLD are as of February 2024 and based on data accrued through the period of Q1-Q4 2023.
Innes Park Real Estate Investment Outlook 2024
With a consistent growth rate and rising focus on regional development, Innes Park is one of the few reasons why an increasing number of investors are setting their sights on regional towns in QLD for 2024.
Innes Park has yet to see significant development in housing availability with just 77 house sales in 2023, but it’s median house price of $755,000 indicates that there is real value in the few properties that are offered here. As an example, the Innes Park Country Club that was sold for $925,0000 in 2017 has been sold to new owners in February 2023, and is planned for a major future investment in 2024.
Low vacancy rates of 0.8%, well below levels in QLD and across Australia, marked with a healthy gross rental yield of 4.5% serve as additional pointers toward the demand for housing in this coastal suburb as well. The limited supply of homes is likely to continue hold buyer demand up high, at least until new developments eventually come into the picture.