Rockhampton property market second best in state
WHILE the COVID-19 pandemic's effects on the Rockhampton region's property market are largely unknown, many home owners can take solace in a healthy last quarter for 2019 according to the REIQ quarterly Queensland Market Monitor report.
The September 2019 quarterly median house price for Rockhampton rose eight per cent to $270,000 across 185 sales - a substantial turnaround in the three-month period.
In fact, it was the second strongest performing Queensland market for the quarter in terms of sales.
Frenchville was the only comparable suburb to record a drop in its median sale price, reporting a 1.9 per cent drop for the quarter.
People who offloaded property in Gracemere last quarter were laughing all the way to the bank after a rise of 10.2 per cent while prices in Norman Gardens rose four per cent.
Mr Real Estate's Jason Rayner described his past six months, including the final quarter of 2019, as "absolute fantastic".
"It was particularly steady with a lot of first home buyers," Mr Rayner said.
"Houses around the $300,000 mark were selling really well for us in the Rockhampton region.
"Overall, we had a lot of traffic with a higher selling rate."
Vendor discounts were also down one per cent from the previous year which would suggest a healthy pool of eager house hunters despite median days on the market rising by three days over the same year period.
Mr Rayner said he was noticing people making the decision to buy faster due to in creased competition, many of whom were from out of town.
"At the end of last year, it was a case of 'if they wait, they miss out'," he said.
Unit prices also showed marginal improvement but not without the wait.
Median days on the market for units blew out almost a month from 88 days in December 2018 to 116 in December 19.
Mr Rayner attributed this to high fees associated with units such as body corporate.
He said those in the market for units were inherently more likely to hesitate with a sale and estimated units only made up about 10 per cent of the local market.
The rental market in Rockhampton has shifted dramatically quarterly but remains in balance when viewed on a broader scale.
The vacancy rate for the December 2019 quarter was 1.6 per cent - a massive fall on the previous quarter's vacancy rate of 3.6 per cent showing there may be a growing desire to call Rockhampton home.
It's a sentiment that rings true in the industry.
"We manage over 900 rentals and only have 10 vacant at the moment," Mr Rayner said.
Median rental prices per week showed a reasonably even split across both sides of the Fitzroy River with the south side rising from $285pw to $300pw, and $280pw to $290pw on the north side compared to the same time last year.
The north side however almost doubled the south side in new bonds signed.
Mr Rayner said their sales were yet to react to the COVID-19 outbreak but changes at his office had been made including halting quarterly inspections for four to five weeks.