Time right for Bundaberg land sale
A large coastal master planned community development site east of Bundaberg has been listed for sale, offering a prime opportunity to purchase early in the cycle.
The large rural land parcel in the coastal Queensland town of Bargara, which has become a popular tourist and retirement destination, spans 49.6ha and is expected to play a significant part in the next phase of the town’s expansion.
The property, which is located at 630 Bargara Rd, just 13km east of Bundaberg, has recently been covered by a master plan for its redevelopment.
Colliers International’s Philip O’Dwyer, who is marketing the property, says it won’t be long before prices in regional areas begin to mimic capital cities.
The project development in the region is focused on increasing residential supply through building and subdivided land
“Regional areas have typically lagged behind the growth of the state capitals so there is an opportunity for a developer to purchase early in the cycle,” O’Dwyer says.
“With the region growing in size and population, we foresee the demand growing for retirement living, range of residential options as well as a commercial precinct to service the town.”
“The project development in the region is focused on increasing residential supply through building and subdivided land, with the town experiencing increased demand for rental properties and a higher median price than Bundaberg regional area.”
Property valuation and advisory group Herron Todd White’s April Month in Review report states that the residential market in nearby Bundaberg “is in a stable period, with quarterly sales volumes remaining relatively consistent since mid-2013”.
“The median sale price has similarly remained consistent at $269,000, with no change over the past year. House listings increased over the past year, indicating that vendor confidence in the market is growing,” the report states.
Herron Todd White’s National Property Clock for April places the Bundaberg residential market for both houses and units at the “bottom of market”.
O’Dwyer says the allowable uses for the Bargara Rd site include low and medium density residential and service station/ service industry.
Regional areas have typically lagged behind the growth of the state capitals so there is an opportunity for a developer to purchase early in the cycle
The property has a three-street frontage to Bargara Rd (the main road into Bargara’s town centre), Hughes Rd and Seaview Rd, is largely cleared and gently undulating.
It is located within easy reach of the Woolworths-anchored Bargara Central Shopping Village and Bargara State School, and is adjacent to a proposed Catholic school, while the eastern edge of the land is about 1.5km from the Bargara beach front.
Agricultural activities are currently undertaken on the property, which includes a two-level house and a large metal shed, with water allocations also available for sale by negotiation.
The property is being offered for sale via an expression of interest campaign closing on May 5, and is being marketed by O’Dwyer and Guy Stafford from Colliers International, in conjunction with Greg Felgate, of PRD Nationwide.