Buyers’ eyes widen as values decline
ON AVERAGE Gympie region property values have recorded negative growth, fuelling hopes of buyers boosting property market activity.
Suburb property value statistics for Queensland, released by RP Data, paint a consistent picture across many localities in the Gympie district.
This is seen looking at the five year average annual value growth.
The decline in property values varies widely but the biggest drop has been recorded in the Mary Valley township of Kandanga. There, property values have declined on average by 5.3%.
Trailing close behind Kandanga is Amamoor (4.7%) and Cedar Pocket (4.4%).
Also recording a significant drop in growth are Carters Ridge (3.4%) and Chatsworth (3.1%).
Bucking the general trend, however, is Canina (+1%), Gunalda (+2%), and Gympie units (+1.6%). By contrast, the value of Gympie houses declined by 3.4%.
Tin Can Bay (unit) recorded a modest increase of 0.2% while Tin Can Bay (house) decreased 3.5%.
North Deep Creek and Pie Creek remained unchanged after five years.
Despite the negative trend, Gympie Horswood Valuations' Lindsay Horswood urged caution before drawing too many conclusions.
"Averages can be misleading," he said.
"RP Data is based on median prices - that is, dictated by the top and bottom of the market.
"It's not a true reflection because you are not getting the whole picture."
Mr Horswood said the averages were a guide but "flawed over time".
"There is some distortion," he said.
The Gympie property valuer said the lower values on a whole represented a prime opportunity for buyers.
"Relative to other areas, Gympie values are well-placed," Mr Horswood said.
"A lack of confidence can really drive a real estate market (and prices), affecting people's perception.
"The big picture is that Gympie is a nice place to live. There are a lot of things happening here and potential for the future."
Gympie continues to enjoy its reputation of being more affordable than the cost, both with the cost of housing and rental prices.
The big movers
Five year average annual value growth
- Gunalda: +2.9%
- Gympie (house): -3.4%
- Kandanga: -5.3%
- Amamoor: -4.7%
- Carters Ridge: -3.4%
- Cedar Pocket: -4.4%
- Chatsworth: -3.1%