Rocky leads real estate revival
ROCKHAMPTON real estate principal Chris Baxter isn’t surprised that the local property market has the best results in Queensland for the September quarter.
Figures released at the weekend by the Real Estate Institute of Queensland reveal Rockhampton’s median house prices climbed 5.5% to $306,000.
For the quarter it was the best result across the board and is evidence that Rockhampton is leading the state’s financial revival.
REIQ Rockhampton zone chair Terry Molloy said the market had been positively impacted by first-home buyer activity over the period.
“First-time buyers were taking advantage of the First Home Owner Boost and our region’s low prices during the September quarter,” Mr Molloy said.
“This activity allowed sellers to upgrade and that’s why we are seeing some good results in places like Frenchville, Norman Gardens and Zilzie.”
The star performer for the Rockhampton Regional Council area over the year ending September was Mount Morgan, with a median price increase of 14.1% to $150,000.
“Median prices in Mount Morgan have been so low for so long that it’s no surprise that it continues to perform well.”
The projected major slow-down in mining earlier this year didn’t materialise, so demand for property in Rockhampton is now back on track.
Mr Baxter, who is part principal of Baxters Real Estate, said the market peaked in the September quarter, with first-home buyers snapping up sales.
“We saw a lot of first-home buyers securing properties at the last minute, which has now shifted more towards investors,” Chris said.
“It’s looking positive and we’re looking forward to a big year of sales in 2010.”
REIQ figures show about 75% of house sales across Queensland were for properties under $500,000 in the September quarter, down from 78% the previous quarter.
Queensland’s residential property market has regained most of the ground lost over the past year, according to the latest REIQ data.
First-home buyer numbers are expected to reduce over coming months, while investors step into the breach.