Hervey Bay set to boom says leading property professional
HERVEY Bay is set to boom, according to a Sunshine Coast property analyst.
Terry Ryder has described Hervey Bay as the number one area in Queensland in terms of its ability to provide an affordable coastal lifestyle - and he predicted that would translate to economic growth and more jobs in the coming year.
Mr Ryder said the Fraser Coast economy had taken a hit because of an abundance of development a couple of years ago, which led to an oversupply of properties on the market.
That caused property prices across the region to be reduced considerably.
But one of the benefits of the oversupply was Hervey Bay's increased level of affordability and smart investors were now looking to get in early before the boom begins.
"Developers, in response to population growth, created an oversupply," Mr Ryder said.
"We are now seeing the possibility of a recovery because the previous oversupply has been soaked up by the market."
He said there was now evidence of increasing activity from home buyers and investors.
"Prices are pretty attractive for what the Fraser Coast offers.
"There hasn't been any growth for the past few years. Hervey Bay is overdue."
The increasing interest in Hervey Bay as a fly-in, fly-out area for mine workers was also promising.
"It's the sort of place that would appeal to young families earning big money in the resource sector."
Mr Ryder said people shouldn't be too concerned about the recent past when it came to investing in Hervey Bay.
"Don't be too concerned about the recent past.
"It you looked at the recent past, you wouldn't buy in Hervey Bay.
"But look to future potential - the future is looking better than the recent past and prices are attractive because of the recent past."
Fraser Coast mayor Gerard O'Connell said Mr Ryder had confirmed what he was hearing about potential for growth not just in Hervey Bay but across the Fraser Coast.
A major drawcard for the region was its affordability and the lifestyle, Mr O'Connell said.
"It's good quality housing at an affordable rate."