House sales up but prices go down

HOUSES are selling in Rockhampton but their prices have dropped a little in the past quarter.

The Real Estate Institute of Queensland (REIQ) June quarter median house price report found the number of preliminary house sales in Rockhampton was up 23% compared to the previous quarter, however the median house price dropped by 3.9% to $312,250.

REIQ Rockhampton zone chair Noel Livingston said first home buyers had returned to the market and investors were also slowly emerging.

“With both these buyer groups more active, properties priced in the sub-$300,000 bracket are most popular, which has contributed to the easing in the regions’ median house price,” he said.

“The combination of the resources boom in nearby Gladstone, the new building boost incentive and the prospect of lowered interest rates has provided the Rockhampton residential property market with some buoyancy.

“Gracemere in particular has been the target of many investors, speculating the overflow of demand from Gladstone coupled with the suburb being the last remaining with land available for development on the southern side of Rockhampton.

“Overall, buyer and seller sentiment is improving, with confidence creeping back into the market.”

Unsurprisingly, Gladstone was again the top performer for price growth across the state with its median house price increasing 6.1% to $440,250 over the quarter. The region has recorded an impressive median house price increase of 10.8% over the year ending June.

REIQ chairman Pamela Bennett said the strength of Queensland’s resources sector would underpin the Queensland property market more broadly from the second half of 2012 or early 2013.



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