Queensland’s beachside towns are the next property hotspot for southerners

The King couple moved to a sleepy beachside town where property prices have risen more than 80 percent in four years, but an analyst says it’s still “extraordinarily cheap” compared to capital city property.

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

A lifestyle change prompted Ms King, 28, and her husband to move to the area last year.

Rather than a mortgage in Brisbane, they traded it for an “oasis” with kookaburras in the backyard and private beach access.

She said, “We found this beautiful home in Moore Park Beach, just 20 minutes from Bundaberg.”.

Price comparison

According to PropTrack data, regional Queensland is experiencing the strongest market since the pandemic onset, with home prices rising 66.5% since 2020.

In the same period, values soared by 80.5 per cent in the Wide Bay region between Gympie and Bundaberg.

There was also a 70 percent rise in house values in Ipswich, Logan-Beaudesert, and the Gold Coast.

The median house price in Bundaberg is $522,607, Gympie is $629,775 and Maryborough 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 research director Tim Lawless.

Home values at Moore Park Beach, one of the more affordable coastal suburbs in the Wide Bay region, have risen by 82.5%.

In spite of the increase, Mr Lawless said coastal homes in the region were still affordable.

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

Compared to the coastal markets around south-east Queensland, that’s extraordinarily cheap.”

Increasing prices

As a result of migration, the regional property market and rental market are under pressure, although they have slowed since the end of the pandemic.

Queensland is experiencing strong migration from interstate and overseas, according to Mr Lawless.

There is a strong interstate trend in regional Queensland rather than overseas migrants, but overall population growth remains strong.”

Housing supply was not meeting demand, he said.

The number of new homes being built is not sufficient for the number of people moving into the state, Mr Lawless said.

With that in mind, we’re seeing … constraints across both home purchase and rental markets, since rental rates are also rising consistently and very rapidly.”

The Bundaberg market attracts buyers who have sold and made profits elsewhere, looking for a beachside lifestyle at a cheaper price, said Bundaberg real estate agent Kurt Dempsey.

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

“Bargara, Moore Park Beach, and Burnett Heads have been these little hidden gems that are becoming more popular.”

Traditionally, the region was known for its “slow and steady” market pace, which has returned after the pandemic boom.

The next coastal hotspot

On the Sunshine Coast, James Jenkinson has bought a block of land in Innes Park, near Bundaberg, where he plans to build a house and relocate.

Construction projects, such as the $1.2 billion Bundaberg Hospital development, and the coastal lifestyle attracted the pipeline plumbing construction company owner.

‘The Bundaberg region reminds me of parts of the Sunshine Coast from the early 1990s,’ he said.

“We plan to move into a rental this year and then begin the construction process next year.”

The only negative is finding rentals in Bargara can be a bit difficult.”

Beaches instead of Brisbane

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

The experience of living here has been absolutely amazing, she said.

There were turtles laying eggs on the beach last December… you don’t normally see that in your backyard.”

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

Changing the property used as security for the loan allows mortgagees to maintain their existing loan structure.

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

“We are not better off financially, but we are in a better place physically, mentally, and emotionally.”