Crazy CQ house price fluctuations, one town up almost 30%
A GLUT of cheaper home sales has dragged down Rockhampton house prices in the September quarter while other CQ regions performed well.
REIQ Queensland Market Monitor shows Rockhampton's median house sale price dropped 5.7 per cent to $250,000 - the second largest drop in the state behind Noosa at 15.4 per cent.
It was a different story out west where Central Highlands median sale price of $335,000 for houses (under 2400 sq m) was a 25.7 per cent quarterly jump - the biggest in Queensland.
There was some consolation for the Rockhampton region with vacant land median sales rising to $156,000, reflecting the biggest quarterly rise in the state at 7.6 per cent and evidence the top end of the market was performing well.
REIQ said while Rockhampton's economy was still working toward recovery, there was a range of projects poised to help boost the region's appeal and finances.
"For starters, the $352 million Rookwood Weir is officially underway, with first works occurring 60 kilometres outside Rockhampton," the report said.
"The 2019 outlook for the sales market remains one where positive moves will be long term.
"Our analysis indicated house prices have stabilised, but remain in the overall softening sector of the property price cycle."
Earlier this month valuer Herron Todd White reported a "a stellar year" for Rockhampton's prestige properties with a new price ceiling achieved and an unmatched number of sales in the calendar year, compared to previous years.
There were also a number of good sales since October which indicates the market is already strengthening despite the disappointing REIQ September report.
A breakdown of Central Queensland centres revealed a mixed bag of results for the September quarter.
Livingstone's median house price was steady at $370,000 for houses under 2,400 sq m while larger houses jumped 5.9 per cent to $479,000.
Gladstone and Mackay were standout performers in the housing market for the quarter.
Gladstone recorded quarter on quarter growth of 11.8 per cent in median sales price, while Mackay grew by 3.9 per cent.
Rockhampton topped the charts in some respects this quarter but not in the ways it would have liked.
Rockhampton offered the largest vendor discount of 9 per cent and was the slowest selling region at 69 days.
The rental vacancy rate for Rockhampton remains "weak" at 3.6 per cent after being close to 1 per cent for the first half of the year.
However rental prices for houses in Rockhampton were up 6 per cent to $290 (3 bedroom homes) and the report attributed this to "an overall improvement in the resources sector seemed to be a catalyst for tightening".
Rental prices also remain steady across the board for the Central Highlands while two-bedroom flats were the only rentals to increase in Livingstone (vacancy rate 1 per cent).