Owner-occupiers hold Rockhampton property market
TIMES have changed in the Rockhampton region's property market - and gone are the days of investors holding the monopoly on house sales.
Kas Woch Real Estate principal Kas Woch (pictured) said while investors used to hold the majority, it was locals who were now snapping up property.
"What we are finding is that because we have had no price rises in the last eight years, since about December 2007, there are not many residential investors out there at the moment," Mr Woch said.
"But owner-occupiers are buying.
"We have gone from a market in 2007 where over 50% of buyers were investors, to at the moment where definitely the majority are those owner-occupiers."
"Mr Real Estate Rockhampton" Jason Rayner agreed, and said the drop in investors had been significant.
"I believe at the moment the market we are seeing, the owner-occupier market, is without a doubt probably pushing in the vicinity of 80% to 90%," Mr Rayner said.
"The investors are definitely cautious at the moment and looking at their pennies.
"I believe maybe 30% to 40% of those owner-occupiers are being funded by mums and dads.
"Mum and dad are helping them find a house... and then putting the house up as first mortgage to get the kids in the house."
Mr Woch said while it was definitely an advantage for locals at the moment to not have to compete with investors driving prices up, he said as always in the cyclical nature of real estate the trend would swing back the other way.
"It is probably good news for the local community, but sooner or later people are going to realise that our prices are very competitive compared to the rest of the nation," he said.
"The market is such a broad market at the moment that if one market is a little bit below everyone else, it takes time for people to notice.
"We are selling houses that are liveable anywhere down to $140,000, which would rent for about $220 a week which is a great return."
Mr Rayner said investors were still around, but were only snapping up really prime property.
"Other than the Empire or the units on the riverbank, there isn't much," he said.