Rocky agent's record year as region seen as national hotspot
LEADING agents are feeling the demand for Rockhampton's affordable homes as the region outshines capital cities on expected returns.
While Pat O'Driscoll Real Estate report their best sale results in 14 years, researchers have identified Rockhampton as one of nine "growth locations" in Queensland expected to out-perform Sydney and Melbourne.
Director Pat O'Driscoll said the pendulum had swung and his 40 years of experience in the industry led him to believe strong growth was expected.
The team at Pat O'Driscoll Real Estate had already sold around 40 properties this year with Mr O'Driscoll saying people looked at the Beef Capital as the "focal city" in Central Queensland.
"Investors look at security and with the Capricorn Coast the hub of tourism and the Central Highlands heart of mining and grazing, Rocky is the centre," he said.
Latest analysis by market research firm Propertyology found Rocky to be among the 39 areas in Australia where median house prices were less than $400,000.
These cities were not only affordable, but their returns were expected to beat the southern capitals like Sydney and Melbourne.
Mr O'Driscoll said these new results were not surprising and the growth had already begun late last year.
"Vacancy rates are falling, rental properties are stabilised and investors are looking for secure havens to invest in," he said.
"The turn started in November and really hit the straps in January and continued into this month."
Current vacancy rates sit at 2.20 per cent for the Rockhampton region, with 767 rental properties available.
The median house price for the region is $222,000 - a drop of 6.56 per cent in the last quarter.
GROWTH PICKS FOR NEXT 3 YEARS:
(Suburb/Median house price):
- Rockhampton, $270,000
- Bundaberg, $296,000
- Mackay, $330,000
- Logan, $400,000
- Cairns, $400,000
- Ipswich, $341,000
- Townsville, $340,000
- Toowoomba, $375,000
- Hervey Bay, $320,000
Despite being able to purchase perhaps three homes in Rocky for the price of a standard inner-Sydney home, Mr O'Driscoll said affordability was not the only factor.
"There is a wealth of industries that have grown in a city that is ultimately not much younger than Brisbane or Sydney," he said.
Propertyology managing director, Simon Pressley said locations like Rockhampton had a superior three-year outlook.
"All things being equal over the next three years, both Sydney and Melbourne might be flat-out producing 10 per cent cumulative price growth," he said.
"Whereas Propertyology believes that each of the nine Queensland locations have potential to exceed that."
Based on the total return of capital gains plus rental income, Mr Pressley said many affordable locations outperformed capital city markets over the long-term.
He suggested a lot of capital city folk underestimate the lifestyle and essential infrastructure quality of non-capitals.
"One in three Australians have chosen not to live in capital cities," he said.
"Much improved employment opportunities in regional locations, combined with housing affordability constraints in big cities, increases demand in the many wonders of regional Australia."
The locations were assessed based on affordability, economic diversity, essential infrastructure, lifestyle, increased demand for housing and expected improvement in economic conditions.
Mackay also joined Rocky on the list of Central Queensland cities set to be a high-performer with a median house price sitting at $330,000.
BEST BUYS UNDER $400K
118 George Lane- $310,000
- Modern 3 bedroom home, with built-in robes
- Large main bathroom plus private ensuite
- Spacious living with plenty of storage
- Fans and fully air-conditioned throughout
- 2 Car garage, automatic roller doors
- Access drive through to rear garden
- Private courtyard, built in sprinklers
- Security screens and security alarm Low maintenances, fenced 276m2 block
Visit page here.
196 William St- $309,000
- Highly sought after Real Estate! A lovely Queenslander on a flat block!
- Large entry verandah enclosed, leading into generous size air con lounge/dining, fans and down lights
- Main Bedroom, aircon, fan, also generous size for WIR space on verandah
- Second Bedroom, fan, good size opening onto enclosed verandah being used as office or 3rd bedroom
- Bathroom includes shower over bath and finished in period tiles and decor
- Kitchen, aircon & fan, gas stove, cabinetry in timber finish and loads of workspace with centre island bench, granite top
- Fenced yard, Shed enclosed, cemented
- Owner has plans of extension drafted available to purchaser if required
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289 Dunthie Avenue, Frenchville- $379,000
- This much loved brick home is offered for sale after 37 years of ownership! Motivated sellers are offering this lovely home with internal stairs for your consideration.
- Entry downstairs into large A/c, carpeted family living area with kitchenette, there is also a separate room, A/c & tiled suit a spacious office or bedroom, adjacent to this rooms is also a Bathroom and laundry.
- Upstairs offers a very spacious, A/c lounge with front verandah, overlooking Duthie Park. Kitchen is in good condition and a generous dining area with extension off dining area.
- The main bedroom includes a WIR, fan and A/c, further 2 bedrooms also generous size with BIR's and fans. A/c & fans in these 2 bedrooms as well.
- The bathroom has loads of storage space and includes a bath over shower, separate toilet and wash basin area.
- Being a corner block the 617m yard is fenced to keep in pets and children.
- A fantastic pool area with deck and shade area would be ideal for family fun times.
- Just a short walk to Duthie Park, ideal for taking the kids to burn off some energy or taking the dog for a run!!
- Additionally the property has 3kva of solar power.
View page here.