Depot Hill rises but the rest cool off
HOME owners in the Rockhampton suburb of Depot Hill can celebrate after the suburb enjoyed a 16.8% median house price rise in the June quarter.
While Depot Hill starred in the Real Estate Institute of Queensland's figures released yesterday, the city as a whole rose only 1.2% ($2000) for the quarter to be $167,000.
REIQ Rockhampton zone chair, Don Skinner, said the market had eased from the pervious quarter when the city recorded the highest house price growth in the state of 10.4%.
"Growth over the quarter reflects an easing of market sentiment. However, it is traditionally slower during the cooler months. We expect sales activity and price growth to pick up from now,'' he said.
He said Depot Hill had performed well.
"The reason it shows such a big increase is that for the past two years the suburb has been undervalued with prices remaining very affordable,'' he said.
"Because of its affordability, suburbs like Depot Hill are attracting first homebuyers and investors looking for better rental yields.