See what your Central Qld home is worth: State comparison
ROCKHAMPTON is still the best place in the state to get bang for your buck according to a just released property report.
The Real Estate Institute Queensland's Market Monitor for the September quarter of this year provides a revealing commentary on real estate trends across the state and how our local region is tracking.
According to the report, Rockhampton's housing market has faced unprecedented downward pressure on prices positioning the region as the most affordable house market of the areas analysed by the QMM.
Rockhampton's affordability can be linked to the most active price range for house sales which was in the below $350,000 price range.
Looking at the annual volume of sales, 114 fewer houses were sold this year representing a fall of 13.2 per cent, from 861 in September last year to 747 in September this year.
The housing market slipped slightly above the September quarter, falling 0.4 per cent from $265,000 in June to $264,000 in September and for the year the median house sales fell 2.9 per cent over the year from $275,000 to $267,000.
In the QMM report, the suburbs of Norman Gardens, Berserker and Frenchville recorded an annual median price growth in the range of 1 per cent to 10 per cent for September with Norman Gardens recognised as the most expensive suburb in Rockhampton with an annual median sale price of $394,500.
In comparison to Rockhampton's slight quarterly drop 0.4 per cent, our regional neighbours recorded more significant drops in their median sale prices with Livingstone dropping 2.9 per cent to $360,000, Gladstone dropping 3.6 per cent to $279,500 and Mackay dropping 10.3 per cent to $307,250.
When comparing Rockhampton's current performance to the annual median sale price from five years ago when it was $300,000, this represents an 11 per cent drop in house sales over the years.
There appears to be an increasing supply of houses for sale with the number of listings lifting 16.1 per cent and pushing the stock on market to 9.2 per cent for the year to August this year.
Although there have been improvements recorded, there is still an excess housing supply compared to demand when looking at days on the market and vendor discounting.
Looking at unit sales over the past quarter, Rockhampton has dropped 8.2 per cent, Gladstone dipped slightly 1.9 per cent and Mackay dropped significantly 22.7 per cent.
REIQ media and communications officer Felicity Moore said units continued to outperform houses in Rockhampton, bucking the statewide trend and showing actual growth - 4.4 per cent - for the year September.