REVEALED: Rocky bank experiences 'profound' $10M month

This four-bedroom home on River Rose Drive, Norman Gardens has just sold for $482,500. The Rock's CEO Paul Herbert said the suburb was one of the favoured areas for people upgrading during a surge in home loans for the September quarter.
This four-bedroom home on River Rose Drive, Norman Gardens has just sold for $482,500. The Rock's CEO Paul Herbert said the suburb was one of the favoured areas for people upgrading during a surge in home loans for the September quarter.

THE Rock CEO Paul Herbert has described the shift in home-buyer confidence for the Rockhampton region in the past few months as "profound".

Mr Herbert said there had been a sharp lift of 65% in the value of home loan settlements for the Rockhampton region September quarter and a 33% jump in the number of people applying for home loans.

He said September had been a record month for The Rock with more than $10 million in home loans settled for that period.

While he couldn't divulge the exact amount due to commercial in-confidence, Mr Herbert said the result underlined a dramatic change for the local market.

"It's not been a flash in the pan," he said.

"We have seen consistency in the build-up and momentum.

"For me, the numbers that make me stand up and realise what's going on are the numbers from the June to September quarter.

"To see that 65% increase in home lending is profound.

"It's a genuine change in the momentum of this economy as people are investing locally."

Mr Herbert said consistency around property values (median price $283,000 Qld Treasury report), an improvement in the unemployment rate from a high of 10.1% in the September quarter to 8.1% in the March quarter) and low interest rates were all contributing factors.


Me Herbert said there was no hot spot area for Rockhampton homebuyers but there were suburbs of higher activity.

"There is certainly a strong desire for up-graders looking around Allenstown and The Range and the more modern places around Norman Gardens - so an interesting mix," he said.

Snapshot of recent sales

Four-bedroom Queenslander in Thurston St, Allenstown sold for $335,000

Three-bedroom Queensander in Brae-Ross St, Allenstown sold for $261,000

Modern four-bedroom home in River Rose Drive, Norman Gardens fetched $482,500

Topics:  property real esate the rock

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