UNPACKED: How Rocky’s property market is performing
POTENTIAL homeowners across Rockhampton may soon have something to celebrate as the local market remains largely unaffected by the coronavirus fallout.
The revelation comes as part of this month’s Herron Todd White real estate report, with experts even labelling the pandemic as “non-existent” across the region.
Amid the thriving market, those on the hunt for property are reportedly spoiled for choice when it comes to staying within their budget – big or small.
Property valuer Cara Pincombe said modern estates across both Rockhampton and Yeppoon had also proved to be more popular than ever of late.
“Land sales and construction in the Rockhampton region had been increasing up until the pandemic, with sales of land and house and land packages in modern estates attracting good numbers,” she said.
“A number of estates have sold all available stock and also have the majority of lots in the next stages on hold. This includes land that will not be available until early 2021.”
Ms Pincombe added this was likely due to the influx of residents putting to use both the builder’s grant and first homebuyer’s grant.
“Builders and associated trades are extremely busy and struggling to keep up with demand,” she said.
Land prices for the region are, of course, dependent on a number of factors including location, size and the gradient of the allotment.
The report reveals potential buyers would likely fork out around $100,000 for a standard 600 sq m allotment as part of a secondary location.
For a standard house-and-land package on the same lot, however, the price tag is expected to increase to a somewhat modest mid $300,000.
Unfortunately, these specific areas are not experiencing the same uptake when compared to the more sought-after estates throughout the area.
“Pricing in the more popular estates in the Rockhampton region can start at around $150,000 for a smaller allotment of approximately 400 square metres.”
“A house-and-land package for these lots is generally around $400,000,” explained Ms Pincombe.
For only $20,000 more, buyers looking at allotments in real estate hot spots could increase their square footage by at least 100 sq m – starting at $170,000.
However, a number of factors such as size, elevation and views would naturally bump the price upwards at least $200,000.
“House-and-land packages for a standard size home on a standard size allotment is generally in the mid $400,000s, however can get much higher depending on the buyer’s budget,” she said.
Despite the region’s strong purchasing market, renters are experiencing difficulties due to an “extreme low” in vacant properties.
“Available stock is also limited for modern homes, with agents reporting multiple offers and time on the market very low on well-presented homes,” she said.
“The Rockhampton and Capricorn Coast regions have a number of ongoing projects that have brought people to the area.”
Ms Pincombe concluded real estate experts believed these factors would contribute to a positive market headed into next year.