Report exposes the five cheapest places to live in Rocky
A NEW report has labelled the Rockhampton property market 'cheap as dirt'.
The Opteon property group released a report exposing the five cheapest places to live in the Rockhampton region.
The cheapest place to live was Mt Morgan followed by Allenstown, Park Avenue, Berserker and Frenchville.
According to the report: "the Rockhampton market continues to soften with a lack of confidence due to the downturn in the mining industry and a continued lack of job confidence within the region."
Kas Woch from Kas Woch Real Estate said he had noticed the cheapening trend as well, with a large volume of properties being sold for unusually low prices.
"All of a sudden we're selling properties for $110,000, not perfect homes, homes that require some attention but certainly liveable homes and in decent areas," he said.
When asked why houses were going so cheap Mr Woch put it down to Rocky's financial state.
"Our rental market has softened and obviously there have been sackings across a number of industries, people have lost jobs over the last couple of years.
"Gracemere in particular there are a lot of properties going cheap."
But Mr Woch said the downturn had a silver lining, as the new trend was great news, especially for first home buyers or those looking to invest.
"It's a great thing for investors, all of a sudden these investors are buying houses for $110,000, spending about $10,000 on them and they will get a rental return of about $220 a week which is an excellent return and almost a 10% gross return."