Central Queensland's best and worst performing suburbs
LOOKING at the latest real estate sales figures from REIQ's June Quarter of the Queensland Market Monitor, there is some grim reading for CQ property owners.
The report said the house and unit markets are currently approaching the bottom of the cycle.
Comparing the present median house sale price with average prices from five years ago, there is a strong trend almost across the board for a double-digit percentage drop in house values.
In an astonishing fall, the average house price in Blackwater has dropped over the past five years by 90% from a $400,000 average to a miserly $38,000 in the June quarter.
Discussing Rockhampton the QMM report noted, "in a climate of declining unit demand and prices state-wide, it's perhaps remarkable that the Rockhampton unit market outperformed its house market over the past 12 months and five years".
"The Rockhampton house market is the most affordable in the QMM report, with an annual median sale price of $270,500 in June 2017," the report states.
"Over the medium term, the annual median house price fell 9.8 per cent, from $300,000 in June 2012. This is equivalent to an annual fall of 2 per cent."
The QMM said market trend indicators revealed falling demand and increasing supply of houses, which classified the area as a "buyer's market".
It's not all bad news with a couple of CQ suburbs defying the strong downward to trend.
In Rockhampton, the suburbs of The Range with a 1% drop and Frenchville with a 3.4% drop, escaped the worst of the property value decline.
In Yeppoon, Lammermoor was a star performer registering a 2.3% rise in property values over the past five years.
Harcourts Yeppoon sales consultant Daniel Spyve, who has been in the industry for the past 10 years, said there were a number of reasons why Lammermoor has done well in comparison with elsewhere in CQ.
He said the sale of some prestigious properties perched on the hill with spectacular sea views had almost single handedly dragged up the median price for property sales in the suburb.
"There's also two new housing developments that are also holding their own price-wise in Lammermoor," Mr Spyve said.
He said they were still getting a good price for land as it was an area of high demand.
"It's easy to sell for a good price in that area," he said.
"I sold two properties, 19 starfish drive sold for $415000 and 4 Lindsey lane which sold $420000.
"Both of these properties were only on the market for two weeks before selling."
Mr Spyve said the location close to well regarded schools also had a role in the popularity of the suburb.