In search of the next hot property spot, southerners flock to regional Queensland’s beachside towns

House prices in the Wide Bay region have risen more than 80 percent since 2020, but experts say they’re still affordable.

Regional housing prices and rental markets are being impacted by migration.

People are looking for “the next Sunshine Coast” and discovering “hidden gems” like Bargara, Moore Park Beach, and Burnett Heads.

Property prices in a sleepy beachside town have risen by more than 80 percent in four years, but an analyst says they remain “extraordinarily cheap” compared to those in capital cities.

In the Bundaberg region, Moore Park Beach is nestled between cane fields and the ocean, five hours north of Brisbane.

Following a lifestyle change last year, Ms King and her husband are among the area’s newest residents.

As a result, they swapped their Brisbane mortgage for a beachfront “oasis” with kookaburras in the backyard.

The town of Moore Park Beach is only about 20 minutes out of Bundaberg, and we found this beautiful home there.

Pricing comparisons

According to PropTrack data, Queensland’s regional market has experienced a 66.5% surge in home prices since 2020, making it the strongest market in the country following the pandemic.

The Wide Bay region between Gympie and Bundaberg topped the list with values soaring by 80.5%.

Additionally, house values rose by more than 70 percent in Ipswich, Logan-Beaudesert, and the Gold Coast.

Bundaberg’s median house price is $522,607, Gympie’s is $629,775 and Maryborough’s is $484,153, according to Corelogic.

Noosa’s median price is $1,461,581, while Greater Brisbane’s is $817,564.

Since the pandemic began, coastal areas have experienced extraordinary growth, according to CoreLogic’s Tim Lawless.

According to him, home values in Moore Park Beach, one of the more affordable coastal suburbs in Wide Bay, have risen by 82.5%.

When compared to south-east Queensland, coastal homes in the region are still affordable, according to Mr Lawless.

Moore Park Beach, Bargara, and Innes Park still have house values or median house values well below $750,000, he said.

This is extraordinarily cheap compared to a coastal market around south-east Queensland.”

Increasing prices

In spite of the end of the pandemic, migration was still a major factor putting pressure on the regional property market, and the rental market.

“There are very strong migration flows into Queensland from both interstate and overseas,” Mr Lawless said.

“Overall population growth in regional Queensland is still very strong, but it is mostly caused by interstate migration rather than overseas migrants.”

He said the supply of housing was not meeting demand.

“The number of new homes that are being built is insufficient to the amount of people coming into the state,” Mr Lawless said.

“So with that in mind, we’re seeing … constraints across both homes to purchase, but also homes to rent, because rental rates are also rising consistently and quite rapidly.”

Bundaberg real estate agent Kurt Dempsey said the local market was attracting buyers who had sold and made profits elsewhere, and were chasing a beachside lifestyle at a cheaper price.

“They’re searching for the next Sunshine Coast,” he said.

“Bargara, Moore Park Beach and Burnett Heads have been these little hidden gems and they’re starting to be discovered.”

Mr Dempsey said traditionally the region was known for its “slow and steady” market pace, which appeared to be returning after the boom of the pandemic.

Next coastal hotspot

James Jenkinson has bought land at Innes Park, on the coast of Bundaberg, and is planning to build a house and move his family there.

A $1.2 billion Bundaberg Hospital development and the coastal lifestyle attracted the pipeline plumbing construction company owner to the region.

The Bundaberg region reminds him of parts of the Sunshine Coast from the early 1990s.

We are considering moving to rent this year and then starting the building process.

I can only say that finding rentals in Bargara is a little bit of a challenge.”

Leaving Brisbane for the beach

She and her husband built their first home in Mango Hill before the pandemic and sold it last year to move to Moore Park Beach.

She described living here as “absolutely amazing.”.

It was unusual to see turtles laying eggs in your backyard last December when I was down the beach.”

As a result of a “security swap”, Ms King said they were able to transfer their mortgage with their lender.

By changing the property used as collateral for the loan, mortgagees are able to maintain their existing loan structure.

Our mortgage didn’t change, but we were able to keep the same mortgage because the property we bought in Moore Park Beach was worth less than what we sold in Mango Hill.

We are not better off financially, but we are better off physically, mentally, and emotionally.”