Property

Projects hoped to revive Rockhampton real estate

THERE have been just over 800 house sales in Rockhampton this year, down 83 on the same time last year with home owners settling in as they wait for the market to show an indication of optimism.

The Real Estate Institute of Queensland report for the June 2016 quarter suggests house prices have fallen slightly with a 3.7% decrease in the median sale price compared to last quarter but local real estate agents are convinced positive change is on the horizon.

"I don't believe prices here will drop any further, they are plateauing at the moment," Sherylene Lingen of Design Real Estate said.

"The mood is still reasonably positive as there are a number of projects moving forward that will spur the market back on with job creation in the area.

"The election absolutely had an effect on the quarterly figures.

"We had quite a long lead-up to the election and people do put their hands in their pockets and wait. We are seeing a lot more inquiry now and some movement in the market."

Norman Gardens, with a median sale price of $380,000 for the June 2016 quarter, continues to be a popular choice while The Range, Berserker and Frenchville are also sparking interest.

Interestingly though, the first-home buyer effect that seems to be driving prices in other affordable regional cities doesn't seem to be a key component in the Rockhampton landscape.

"There are not a great deal of first-home buyers around and even the $20,000 grant doesn't seem to be bringing them in but that's probably because there are not many developments around at the moment," Ms Lingen said.

"Building approvals are not what they were a few years ago either but that's more so because the investment market is almost non-existent. There are affordable homes to be had here in Rockhampton and as the confidence comes back people will take advantage of it."

Like Mackay to its north and Gladstone to the south, Rockhampton has felt both ends of the resources boom and residents are hopeful the Carmichael mine project will once again boost the city's coffers.

"Rocky has a very solid base with agriculture, health, the university and the government but mining does bring a different dimension," Ms Lingen said.

"The Carmichael mine is looking at 10,000 construction jobs and several thousand jobs thereafter with Rockhampton hopefully receiving a flow-on effect from that. With projects coming to fruition it will bring momentum so things are starting to look positive." - ARM Newsdesk

Topics:  carmichael mine, housing market, jobs, real estate, reiq



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