PASSED IN: 18 Prospect Street in Allenstown was passed in at auction last Saturday. The auction was attended by about 25 prospective buyers but the property was passed in below its listed sale price of $595,000. Agents are negotiating with one of the parties who attended the auction. They hope to get a positive result in the near future.
PASSED IN: 18 Prospect Street in Allenstown was passed in at auction last Saturday. The auction was attended by about 25 prospective buyers but the property was passed in below its listed sale price of $595,000. Agents are negotiating with one of the parties who attended the auction. They hope to get a positive result in the near future. Contributed

Investors champing at the bit for bargain in Rockhampton

"HUNGRY wolves" have been snapping up "bargains" across Rockhampton's property market, a new report has revealed.

The hungry wolves is how valuer Herron Todd White described the "astute" buyers who have been snapping up "self- proclaimed bargains'' around the district.

In its November in Review report, HTW said "some see'' the current situation as the bottom of the property market cycle. "Only time will tell if this is in fact the case, yet with nine weeks until Christmas, one cannot see any positive change until at least autumn next year...'' the report says in part.

It observed that Rockhampton and the surrounding region was experiencing a significant change in the local housing market.

Selling agents in the region were reporting large drops in home values as sellers lowered prices to meet the buyers' level.

Bulletin sources said cashed-up investors were taking advantage of the market condition.

Rockhampton real estate agent principal Kas Woch said he had seen flat interest, across the Rockhampton region, from property investors since December 2007.

He said it was mainly owner-occupiers that were snapping up properties.

He said between 2003 and December 2007, investors bought properties in Rockhampton like hotcakes with house values increasing by 20% each year between 2003 and 2007.

Mr Woch said an Edward St home in Berserker, which sold recently, was the perfect example of a good-value home on the market. A Queensland- designed home at Allenstown was passed in at auction on Saturday.



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