Bold prediction says Coast housing market won’t crash

GRIM predictions of a 30 per cent drop in housing prices as a result of the coronavirus pandemic might be felt in the capital cities.

But the Fraser Coast's property market was likely to fair far better, according to Fraser Coast Property Industry Association president Glen Winney.

"I believe, and many colleges in the local property industry believe we will fair much better then capital cities, and I don't believe there will be a crash in housing locally," he said.

"Firstly our property market has been based on migration of people moving to the area mainly from cities down south and the COVID-19 could actually have a positive effect on migration because people maybe more inclined to move away from big cities after this event.

"Secondly we already have a larger then average population in the retirement age which will be less effected by the job situation and will probably feel safer living in an area like the Fraser Coast."

Real estate agent Jim McKay, principal at Hervey Bay's PRD Nationwide, agreed with Mr Winney.

He said it was unlikely a home being sold for $300,000 in Hervey Bay would suddenly drop to $200,000.

But Mr McKay said there could possibly be the odd bargain on the market if people were unemployed and urgently needed to sell their home.

"People have got to live somewhere and the rental market is still solid."

Mr McKay said there were still strong inquiries coming in from potential buyers and givent he difference between isolating in a small unit in the city and isolating in Hervey Bay, many would choose the second option.

"Isolation in Hervey Bay isn't as grim," he said.

"We have it as good as anyone can have it, given the circumstances.

"It could be seen as a safe haven compared to the city."

Another positive for the region was job security, Mr Winney said.

"On our jobs side, our number one employer is health-related industries and that is not going to change or have job losses. "We also have low reliance on export industries, which have been hit hard.

"While we acknowledge tourism and hospitality has been hit the hardest, we also believe it will rebound a lot quicker then big cities and places like the Gold Coast that are much more reliant on international tourism."

Mr Winney said when travel restrictions eased, the drive market would give the region a significant boost.


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