Whether you’re a seasoned property investor, or you’re looking to break into the property market for the first time, Bundaberg is a compelling value proposition in Queensland’s competitive housing market.
Situated around 350 km North of Brisbane and offering house prices significantly more accessible than the Brisbane and Sunshine Coast property markets, Bundaberg is in the midst of a real estate surge. But is the surge justified, and is Bundaberg a worthwhile consideration for your real estate investment in 2024?
In this article, we’ll take a look at the growth of the Bundaberg property market, the factors that are underpinning its growth, and assess the investment upside of the Bundaberg property market in 2024 and beyond.
Table of Contents
- The growth of Bundaberg region
- Property and market trends in Bundaberg
- Factors driving real estate prices
- Long-term outlook for investment growth in Bundaberg
The Growth of Bundaberg Region
Bundaberg is in the midst of unprecedented growth making it an attractive area for potential investors, and homebuyers looking for more bang for their buck in Queensland’s property market.
The growth of the Bundaberg region can be attributed to a number of key factors, including:
- Population growth & economic investment
- The regions high economic growth rate
- Housing market pressures in major metro areas
- Increase in remote working opportunities
- Sustained economic investment plans
Put it all together and there is a good reason why Bundaberg has seen an economic growth rate of 7.1% – the highest in regional Queensland for the past two years, and a 97% increase in population over the past five years that has pushed the local population past 100,000.
Property and Market Trends in Bundaberg
As you might expect, with an increase in economic opportunities and a growing population, the Bundaberg property market is showing an enormous upside for investment.
For those looking to work and live in Bundaberg, the region offers strong and diverse economic opportunities in agriculture, education, and health, as well as new investment into ag-tech sectors in food, bioproducts, and defence.
An overview of the Bundaberg region’s real estate market between Q1 and Q3 2023 shows consistent growth and strong demand that is expected to carry over into 2024.
Between Q1 and Q3 2023, the average house price grew by an impressive 9.11% against a national average of less than 5% across the same period. For units, the growth rate between Q1 and Q3 2023 was an impressive 6.61% bolstered by low vacancy rates in the rental market.
Factors Driving Real Estate Prices
Bundaberg’s exceptional real estate market growth in 2023 is driven by affordability, population growth, and continual economic investment. As median house prices in Brisbane and the Sunshine Coast sail past $740,000 and $972,000 respectively in the first half of 2023, the Bundaberg region has emerged as an attractive and affordable alternative for buyers seeking value along Queensland’s expansive coastline.
The substantial economic and population growth in the region is set to continue driving housing demand and competition for buyers and renters in the area. For those looking for value, Bundaberg is fast becoming one of the most promising real estate investment opportunities in Queensland.
Long-Term Outlook for Investment Growth in Bundaberg
The long-term investment outlook in Bundaberg for 2023 is expected to be characterised by sustained growth, buoyed by a significant increase in the local population and sustained economic development.
The Queensland Government’s increase in funding to $300 million for the Works for Queensland program and the construction of the new $1.2 billion Bundaberg Hospital, featuring advanced healthcare facilities, will create new job opportunities and provide a significant boost to the region’s health care support.
Further developments to healthcare, education, amenities, and lifestyle hubs underscore the ongoing commitment of the local government to modernise Bundaberg and show significant appeal for long-term real estate investors looking to make the most of the region’s projected growth.
So, is Bundaberg a buy or bust for real estate investment in 2024? Well, with significant population growth, economic development, and a real estate market that is demonstrating strong and consistent growth that outperforms Queensland’s metro housing market, there is a lot to like about Bundaberg’s investment potential.
The relative affordability of Bundaberg compared to major metros, as well as a shift towards remote working means that the region is expected to see considerable growth. All of these factors contribute to Bundaberg’s potential as a thriving investment hub that offers promising real estate investment opportunities for seasoned investors and first-time buyers alike.