Property market defying the trend

ROCKHAMPTON’S property market defied the state trend following this year’s floods recording positive growth and a steady number of sales during the March quarter.

Latest Real Estate Institute of Queensland figures show the beef capital was one of few markets to record an increase in the average price of a home.

The resources sector is helping drive the Rockhampton market which had positive growth – up 3.8% to a $325,000 median over the period.

Elsewhere, this year’s natural disasters coupled with the higher interest rate environment resulted in a weaker March quarter for residential property, particularly in flood-affected Brisbane suburbs with many not recording enough preliminary sales for a reliable figure to be calculated.

REIQ Rockhampton zone chair Noel Livingston said the market in Rockhampton was relatively stable.

“Property prices in the higher end are being affected by a lack of volume and consequently the homes in the lower end are performing quite well,” Mr Livingston said.

“The volume of sales is similar to that of last quarter’s numbers.”

Rockhampton City, Yeppoon and Bondoola were among the better performing suburbs for the quarter across the region, all recording an increase in their median house price (see accompanying fact box).

Also bucking the trend across the state was Gladstone, which continued its strong run due to the development of LNG.

Its median house price increased 5.1% to $415,000 over the March quarter.

Median house prices

Region Median Sale Mar 11 Qtrly change Median Sale year Mar 11 Median Sale year Mar 10 1yr change
Rockhampton (LGA) $ 325,000 3.8% $ 320,000 $ 312,000 2.6%
Rockhampton (LGA, acreage) $ 460,000 -7.6% $ 432,000 $ 440,000 -1.8%
Allenstown $ 258,750 -1.4% $ 265,250 $ 250,000 6.1%
Berserker $ 261,000 7.6% $ 243,000 $ 238,000 2.1%
Bondoola $ 525,000 N/A N/A N/A N/A
Frenchville $ 327,000 0.6% $ 331,000 $ 325,500 1.7%
Gracemere $ 327,500 2.3% $ 330,000 $ 317,500 3.9%
Kawana $ 285,000 -1.0% $ 310,000 $ 297,500 4.2%
Koongal N/A N/A $ 252,000 $ 274,000 -8.0%
Mount Morgan N/A N/A $ 130,000 $ 149,500 -13.0%
Norman Gardens $ 447,500 -10.5% $ 440,000 $ 385,000 14.3%
Park Avenue $ 258,000 -3.9% $ 250,000 $ 258,500 -3.3%
Rockhampton City $ 240,000 38.7% $ 191,500 $ 206,500 -7.3%
Rockyview $ 618,500 N/A N/A N/A N/A
The Range $ 335,000 -22.9% $ 382,500 $ 365,000 4.8%
Wandal $ 259,500 -20.3% $ 278,500 $ 285,000 -2.3%
West Rockhampton $ 266,000 N/A $ 259,250 $ 265,000 -2.2%
Yeppoon $ 422,000 11.5% $ 377,250 $ 348,000 8.4%


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