17/09/2024
The median house price in Bundaberg is 9.5 times the median income of the average local. So how does that shape up when compared to other cities and regional centres?
Recent data released by the Regional Australia Institute shows the average Bundaberg home now comes with a $523,000 price tag, while the regular Bundaberg citizen is making around $55,000 - meaning a 9.5 ratio when it comes to the relationship between income and buying.
Bundaberg remains more affordable than Brisbane, where the median house price is $825,000, with a median income of $68,000 - a 12.1 ratio.
Gympie and Fraser Coast also come in at more costly, with homes on the Fraser Coast slightly more expensive and incomes slightly lower than Bundaberg.
Gympie offers a median price slightly higher than Bundaberg with a lower median income.
The South Burnett, Rockhampton and Gladstone local government areas are all more affordable than Bundaberg, however.
In the South Burnett, median house prices are $368,000, with a $51,000 median income.
Homes in Rockhampton will set you back $425 according to median prices, while the median income is higher than Bundaberg's on $63,000.
The Gladstone region is cheaper yet - with a median house price of $431,000 but a median income of $68,000 - a ratio of 6.3.
Regional Australia Institute CEO Liz Ritchie said while there were good opportunities to buy homes in the regions, the movement of people into regional Australia in recent years had led to emerging housing shortages in some communities, impacting availability and rents.
“Regional Australia is not homogenous, and whilst many areas have available housing, other places do need more properties to keep up with demand," she said.
"But to build those homes we need skilled workers, and to train those skilled workers, they need access to education institutions.
"We need to look at these issues holistically to ensure the regions, which are now home to nearly 9.8 million people, have the infrastructure, services and support they need to thrive."
Ms. Ritchie said worker and housing shortages often went hand-in-hand.
“In this year alone, more than 70,000 jobs have been advertised online across regional Australia each month, many of them professional roles," she said.
"We cannot address these workforce shortages without addressing housing challenges."
Ms Ritchie referred to the National Housing Accord - an agreement between levels of government to build a million new homes over five years from mid-2024 - as a priority.
“The National Housing Accord has a target of 1.2 million new houses, and it is imperative regional Australia’s allocation is proportionate to the population residing outside of major metropolitan centres, ideally up to 40 per cent," she said.
“There is even more of an impetus for governments, industry, businesses and communities to work on solutions to these issues given the vitally important role regional Australia will play in our nation’s transition to net zero and the Australian Government’s Future Made in Australia policy.
"The future will be made in regional Australia – but it cannot and will not happen without adequate foundations, and the time to lay them is now.”
