MARKET POTENTIAL: Propertyology head of research, Simon Pressley.
MARKET POTENTIAL: Propertyology head of research, Simon Pressley. Jen Dainer

PROPERTY REPORT: New figures show Bay market on the up

HERVEY Bay's property market is on the verge of a boom, new data reveals.

Analysis by property market research firm Propertyology named Hervey Bay one of 53 locations Australia-wide "on the cusp of stronger market conditions".

The report revealed the markets with the best upside potential over the short to medium-term, including the Whale City.

The national property market had its first monthly increase in property values for the first time since 2017 in August.

Low housing supply in Hervey Bay made the region a hotspot.

Propertyology head of research Simon Pressley said the lag in property data meant prices had yet to officially firm significantly in many of the locations.

He said positive macro changes meant the signs of improvement were clear.

The research analysed the fundamentals of property markets across Australia's 500-plus municipalities.

It considered leading indicators, such as the average time to sell a dwelling, the volume of properties sold, vacancy rates and a number of employment metrics.

While Mr Pressley said data indicated southeast Queensland's higher profile drew more attention, job creation in that are was much lower than in regional Queensland.

"Which is why the research found that the metrics look better in other Queensland regional locations," he said.

"The tsunami of large job-creating projects under way and in the pipeline in Cairns, combined with very tight housing supply is one such example.

"Property markets are also tightening in Hervey Bay, Gladstone, Rockhampton, Townsville and Mackay while Beaudesert, Lockyer Valley and Warwick definitely warrant consideration."