Raine & Horne Commercial

QLD - Hervey Bay Sharlene Muir, Commercial &Business Consultant, at Commercial Hervey Bay says average yields in the region have remained steady since March at an average of 7.0- 7.5% for retail and industrial assets, and 7.5-8.5% for office property. No significant change in yields is expected in 2020. Tourism is a key industry for Hervey Bay, and the Fraser Coast has experienced an increase in visitor numbers since restrictions on travel within Queensland started to ease. That said vacancy rates of approximately 15.0% for retail property, and 12.0% for industrial and office space are the same as early 2020. The largest growth area is still disability services sector, whichwas largely unaffected by COVID-19, with an increase of demand for larger open office spaces. Sharlene believes vacancies are deterring investors frombuying in the area, and the bulk of properties listed for sale are being purchased by local owner occupiers, chiefly small businesses. That said, there has been a small uptick in sales. Over the last three years, Fraser Coast Regional Council has allocated $4.4million to transport infrastructure upgrades, whichwill further support the commercial market. 33 - Sharlene Muir sharlene.muir@herveybay.rh.co.au