REAL ESTATE BOOM:'It won't happen overnight but it's coming'
THERE is more confidence in Rockhampton's economy as local businesses invest in commercial real estate and expand, agent Mark Molloy says.
The Professionals Real Estate Livingston and Molloy's Residential and Commercial Sales and Leasing consultant has been involved with a number of recent sales in the commercial sector.
One of these was 337-339 Dean St in Frenchville.
The vacant block of land, situated between Milestones Early Learning Centre and retirement village Eureka Village Life 2, was sold for $300,000 just before Christmas.
Just down the road from the IGA complex, gym, sporting facilities, bowls clubs and food outlets, the 3514 sq m block offers a commercial opportunity for the right investor.
The successful buyers were the owners of Torenbeek Vet Clinic, who have a site just up the road.
They have plans for a larger clinic which will be revealed once they have received their design plans.
Meanwhile, 96 Bolsover St in the CBD sold for $775,000 to Patio World who are renovating the large shed and showroom in October.
The site, next door to Crazy Joker, was previously owned by Reece Plumbing and is 1012 sq m with a building area of 720 sq m.
For a cool $1.76 million, 17 Dooley St in Park Avenue fetched a good price.
The industrial complex with weighbridge on 9900 sq m was sold to a company from New South Wales that services mining sites.
The site was previously occupied by Flip Out Trampoline Indoor Centre, who operated from December 2016 to April 2018. It was rented for $15,000 per month.
"With the three sales all selling to owner-occupiers it shows the confidence is returning to the commercial market as they were all expanding,” Mr Molloy said.
"It's good to see the market strengthening a bit and it's good for the market.”
With the sales all towards the end of 2018, it has made for a good start to the year.
There is also more things happening around the region that will allow for a booming 2019, Mr Molloy said.
"With the mining ramping up a bit more, and Adani in the shadows,” he said.
Residential sales are also picking up with cheaper houses moving a lot faster in a shorter period.
"You can feel the bottom of the market moving in residential and it will flow on,” he said.
"There is a lot of interest in the bottom end of the market in the $150,000 to $200,000 range,” he said.
The houses are still "decent” but have "good bones” with a bit of work to do.
Most buyers are also owner-occupiers or investors.
Mr Molloy said he can feel a lot more "positivity” in town and that led to renewed confidence.
Buyers can see the light at the end of the tunnel and put that faith into the real estate market.
"They start to think we can make this happen,” he said.
"This has spread to other areas around Central Queensland as Mackay is moving quite good and Gladstone is as well,” he said.
"It's all about the jobs too and there is a lot on the drawing board,” Mr Molloy said. "It won't happen overnight, but it's coming.”