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Topspot presents a new
area each month which demonstrates sound investing principles. This information
is based on statistics drawn from industry data and is to be used by the reader
as a reference only. Topspot accepts no responsibility for decisions made by
readers based on this information.
Suburb/Town: HERVEY BAY
State: QUEENSLAND
Country: AUSTRALIA
Median House
Price: $315,500(Dec 2006)
Growth in 12
months: 9.85%
Average
Growth over 5 years: 11.00%
Location
The gateway to World Heritage listed Fraser
Island, Hervey
Bay is situated just a scenic three
and half hour drive from Brisbane or 45 minute
flight north of Brisbane and 90 minutes flight
time from Sydney.
Hervey Bay
is a rapidly growing business centre, and is one of the premier tourist
destinations in Queensland.
The sub tropical climate of southern Queensland
is prevalent which is a great attraction for year round visitors.
History
Hervey Bay was traditionally a sleepy little
coastal holiday town with a fishing industry due to its proximity to key
fishing waters off its coast. It has now become a major tourist destination due
to the visitors traveling the short distance to the World Heritage listed Fraser Island.
Whale watching tours and fishing charters are very popular and the tranquil
ocean and comfortable climate have attracted many retiring baby boomers in the
last few years to this place for the lifestyle.
Local
Information
There were 51,818 persons residing in Hervey Bay City in
2005, 4.9% more than in 2004. This strong growth placed Hervey
Bay as the fastest growing local
government area in Queensland and the third
fastest growing in Australia
in 2005. Over the past ten years, population growth has generally exceeded the
state average. Population growth in the past two years has been almost three
times the growth rate recorded in Queensland.
The largest demographic group living in the town fit into the 50-59 year old
group. There are several major projects happening in the town which include the
redevelopment of the airport to allow larger planes to fly in, the expansion of
the harbour for recreational use, waterfront hotel developments and the
extension of retail shopping centres.
Key
Property Success Factors
- Proximity to other capital
cities
The redeveloped airport is a key
factor in allowing tourists from all over Australia
to fly directly from Brisbane or Sydney to Hervey Bay
There is no shortage of amenities
including, shopping, recreational facilities, medical centres and light
commercial precincts. Due to the aging population in the area, health care
facilities are abundant.
The ocean surrounding Hervey Bay
is treasured by locals and is protected from the elements by Fraser Island
This is a prime location for the
investor looking to capitalize on the baby boomer (46 – 61 year olds)
retirement market who are making the choice to live in a warmer climate.
Families who are also moving to the area to run businesses for the tourist and
aged market may also be a market to cater for.
What
to watch
This
town has achieved 5% population growth each year for the last few and is
expected to continue growing between 2.5-4% over the next number of years which
is well above the state average. If the tourism market gets stronger than this
will push growth to the top end while a slow down in tourism may also slow
population growth. It is hard to see growth come to halt with the wave of baby
boomers moving into the town.
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