Growing population and lifestyle driving Hervey Bay property boom

HERVEY Bay offers residents a perfect mixture of career and lifestyle.

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That was the sentiment shared by President of the Fraser Coast Property Industry Association Glen Winney this morning.

Mr Winney was the guest speaker at the Hervey Bay Chamber of Commerce’s July Business Breakfast at the Beach House Hotel.

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The seaside town has been experiencing a property boom in recent months and Mr Winney shared his expertise on the various opportunities within the market.

He said one of Hervey Bay’s greatest assets was its ability to attract new residents who wanted the lifestyle of living in the whale watching capital of the world while not sacrificing their careers.

“People can now have the lifestyle and career they always wanted because of technology,” Mr Winney said.

“People have the ability to work remotely.”

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While it has turned the world on its head, Mr Winney said the COVID-19 pandemic was the best thing to have happened to the Hervey Bay property market.

He said regional areas like the Fraser Coast were particularly pleasing to people who wanted to escape ongoing lockdowns in capital cities and continue working over the Internet.

Homes are being sold in a matter of days and dozens of people are lining up to inspect rental properties.

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Demand has seen property prices increase by more than 20 per cent in several Hervey Bay suburbs over the past twelve months.

“We can officially say Hervey Bay is in a property boom,” Mr Winney said.

And the demand is unlikely to wane anytime soon.

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“We are now at a stage in our maturity as a city that previous boom/bust cycles in Hervey Bay are gone.

“We now have the size and population to create stability and the critical mass to go forward.”

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According to the Fraser Coast Regional Council website, the region’s population is projected to grow to around 144,833 by 2036.

Mr Winney said the current housing situation in Hervey Bay would provide opportunities within the property market.

But it is important for people to do their research if they want to capitalize on the situation.

With the population continuing to grow, Mr Winney said understanding what people wanted was key.

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For example, Mr Winney expects medium density townhouses and units to be a big market in the future, as they are attractive to both older residents and millennials who do not necessarily want large blocks.

“Low-cost housing, even though it is not always seen as ‘sexy’ is also always in demand.”

Mr Winney said multi-storey buildings would attract attention because people wanting to live in or near the CBD in Pialba would be able occupy smaller single or two-bedroom units.

Sub-dividing properties was identified as a way people living further away from the city centre could make the most of the boom.

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Most importantly, Mr Winney said access to amenities would drive areas of growth.

“People want to be able to walk to the shops and attractions.”

He said being close to the sea was another major drawcard for the Fraser Coast.

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