Gympie region acreage prices surge by almost 50%
MARKETS are a simple case of supply and demand, and when it comes to acreage in the Gympie region, demand is high.
In the past five years the median price of acreage in the region has climbed by 43.1 per cent, and now will set a prospective buyer back an average $195,000 for a block over 2400sq m (quarter of a hectare).
It is not the only major mover in the market in the past five years, according to Real Estate Institute of Queensland figures.
The price of vacant blocks (less than 2400sq m) has also gone up by 13.6 per cent, making the average cost of a block $138,000.
The average house price jumped 18.9 per cent, including a 9.6 per cent surge in the 12 months from September 2019 to September this year, and a 5.9 per cent increase between June and September this year.
The only market not to jump ahead in leaps and bounds was apartments, where the median price dropped 1.4 per cent over five years, including a huge 6.8 per cent slump over the year.
Professionals rural property expert Lex Townsend said location and lifestyle were the dominant drivers of the market rise.
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“We’re coastal, we’re two hours from Brisbane, an hour from the Sunshine Coast, 40 minutes from Noosa … people just want to come here. They’ve got that lifestyle choice to be able to access that instead of being out in the middle of Woop Woop,” Mr Townsend said.
And every property type on the menu was up for grabs.
“They’re looking at anything at the moment,” Mr Townsend said.
“There’s demand for rural property, for houses, you can’t get rentals in the area.
“I don’t think there’s any one particular type of property people are looking for.”
Looking to the future, Mr Townsend said the region’s trajectory was already set.
“I think it’s a sellers market,” he said.
“Hopefully, we’ll see some more properties coming on the market … (and) getting away from 2020 will probably be a good thing market-wise, and the opening of the borders for the southern people to come up here.
“I’ve sold one property sight unseen by the buyers and I gather there’s a lot of other properties around that have sold sight unseen.
“Once they can travel up here confident that the borders aren’t going to close we’ll see a lot more buyer activity and hopefully a lot more properties on the market.”