Southern investors send Rocky real estate into a frenzy
A FLURRY of out-of-town investors has seen a surge in home sales at the Ray White Rockhampton City real estate agency.
Principal Jade Carr yesterday said there had been a big increase in the number of properties sold in the past couple of months on the back of the out-of-town interest.
He said during this period sales had averaged better than one every two days.
Mr Carr said rental vacancies had also more than halved from above 7% a few months ago to 3.4%.
The improvement comes amid high hopes across the region that mining giant Adani will soon announce Rockhampton as a FIFO hub for its massive Carmichael Mine operation.
Mr Carr said Adani was one of the factors that had put the city squarely in the sights of southern investors.
He also pointed to the high costs of homes in capital cities which had driven investors to consider regional solutions.
With its diverse economic base, Rockhampton was viewed as an opportunity.
"There's a bit of a frenzy going on at the moment," Mr Carr said.
"We haven't seen this level of investor interest for quite some time."
He cited two recent examples of property sales which demonstrated the change in the market.
Most of the action is coming at the lower end, around the $200k mark.
A host of southern investors attended an open house for a property which sold within three days in the low $200k range.
And another property, in the same price range, sold sight unseen to an online buyer. "It's been a good 12 months since anyone has bought something from us sight unseen," Mr Carr said.
He said as well as the lower end of the market, homes were also selling well in the high $300k space.
He encouraged potential buyers to test the market.
Mr Carr, whose agency has a seven-strong sales team, said an Adani FIFO hub would deliver a further boost to the city, bringing more people and greater confidence.
Ray White Rockhampton City are proud members of The Morning Bulletin's Fitzroy Club.