’Nothing like a global pandemic’ to boost CQ housing market
TWENY-twenty was a year “like no other” in the Central Queensland residential housing market.
The Herron Todd White December 2020 Month in Review, released this week, indicated Rockhampton, Gladstone, and Emerald had ‘rising’ residential house markets, and Rockhampton and Gladstone had rising unit markets.
The report stated Rockhampton was experiencing “very buoyant” and “sometimes crazy activity”.
Property valuer Cara Pincombe wrote: “The market as a whole has performed beyond expectations in the Rockhampton and Capricorn Coast area.
“This has not been limited to a certain sector of the market. All sectors have seen an increase in activity.”
She said first home buyers, upgraders, downsizers, retirees, and investors were all active, thanks to low interest rates, low vacancy rates, and an upward trend of prices.
“One of the most surprising things coming out of our ever-buoyant market is the number of houses being sold without making it to market with agents having an extensive list of potential buyers ready and waiting,” Ms Pincombe said.
About Gladstone, the report stated “there’s nothing like a global pandemic to kick start the market, and kick start it, it has.”
“Gone are the days of buyers having all the power,” associate director Regan Aprile wrote.
“Vendors are now in the box seat with many properties selling for very close to, if not over asking price.”
He said rents rose on the back of low vacancy rates and up to 20 applications were being made for a single property.
In Emerald, residential valuer Kerry Harrold said the market was steady, although rents in Central Highlands increased to their highest in eight years.
“We have been surprised at how strong the employment demand in the resource sector has remained despite lower coal prices,” he said.
“Our market for many decades has followed the coal price so the current situation sees us going completely against the trend but then again, 2020 has been a year like no other.”