News
16 January, 2025
Properties stay strong
Homeowners in Moodlu, Elimbah, north Caboolture and Beerburrum can remain optimistic about property values after the announcement of the Bruce Highway Western Alternative (BHWA) Stage 4 route scrap, just before Christmas last year.
While a lot of questions remain around what the new route will look like, how many homes will be affected and where, Re/Max Living real estate agent, Chris Wease, said the outlook for home prices remained positive.
“From an industry frontline perspective, the demand for properties in the region overall is still high and supply remains low. Record results are still being achieved,” he said.
Mr Wease acknowledged the impact the former BHWA proposal had on the property market in that specific region, saying it will take time for the market “to regain full confidence”.
“Only the properties that are no longer in the proposed route are released from their concerns, the worry has now shifted to a new group of property owners who wonder if they will be affected by any new proposal,” he said.
“It will take clarity of the final route before the community can really move forward. A lot of damage has been done, so while some doubt still remains, buyers remain distrustful and rightfully so.”
According to realestate.com.au, there are currently only three homes on the market between Moodlu and Beerburrum (as of January 14), all with an asking price of over $1,200,000, with one property seeking at least $1,399,000.
The only recorded sale since the highway route was officially scrapped was a vacant lot sold on Christmas Eve near Boden Road.
The previous six months saw nearly 30 properties between Moodlu and Beerburrum listed for sale.
While 2024 saw a drastic increase in the amount of homes sold, alongside a drop in prices, the fall in values was not as severe as feared.
Data reveals that in the year prior to the announcement and 12 months after, most properties sold in a $1,000,000 to $1,300,000 range.
In 2024, 26 homes sold for that price range, averaging a price of $1,107,500, while in 2023, 17 homes sold in that range, averaging a value of $1,145,222.
There were also seven homes that sold for over $1,500,000 in 2024, with one home selling for over $2,000,000, with the average price for those homes being $1,661,285.
This compares to only four homes sold in 2023 for over $1,500,000, with one home selling for $2,500,000, averaging $1,875,000 for those home prices.
A property owner from Moodlu, who has requested to stay anonymous, had shelved plans to list their home following the announcement saying the market uncertainty had left “dread in the pit of your stomach”.
“How can you value a property and know you’re getting the best price, with the uncertainty around it, especially since the road might not even happen for 10 or 20 or 30 years,” they said.
“Depending where the new route goes, it could make a difference on the price. If we’re close, but not close enough to impact living, it could increase in value by being close to a major road, but if it’s too close or in the line of fire, it could have the opposite effect.
“I think demand for our area and the size of our block, will hopefully give us a good outcome but we just don’t know, so it is a worry and makes us unable to move forward.”
According to the owner, price valuation of the property has fluctuated dramatically over the past year, based on realestate.com.au valuations, changing between $950,000 and $1,200,000.
Last week’s valuation estimated the property was currently worth $1,170,000, Transport and Main Roads Minister, Brent Mickelberg, said investigations into new alignments between Beerburrum and Moodlu will continue into early 2025.
