Rockhampton realigned with property investors’ radars
Several cities throughout Queensland have become firm favourites with property investors, and Rockhampton has the potential to become one of them.
Despite not reaping the rewards of the resources boom like some other parts of the state, Rockhampton has nevertheless become a sound place for an investment over recent months.
With plenty of services, facilities and infrastructure to offer, the prospects for this part of Queensland have never been stronger.
Reduced time on the market
Property auctions have grown in popularity over the past few years – and Rockhampton is no exception.
The latest data from Harcourts shows that land, houses, units and rural properties are all increasingly likely to go under the hammer.
In fact, the company told the Rockhampton Bulletin that it usually deals with six auctioned properties per month, but this has recently increased by 100 per cent.
As a result of this trend, properties are spending less time on the market – an average of 40 days in total – demonstrating that demand for real estate in this area is on the rise and people are not willing to wait around.
Improvements in affordability
Another factor that investors will no doubt take into consideration is the affordability of property, which is another reason why Rockhampton has caught their attention.
The latest monthly report from Herron Todd outlines just how positive the prospects are in the city at the moment, with the likes of Frenchville, Allenstown, Wandal, The Range and Norman Gardens all proving to be standout performers.
One of the main appeals of Rockhampton property is that there are so many different types available – from older-style homes to modern units, there is something to suit every taste.
Data published by the Rockhampton Bulletin highlighted that Norman Gardens, Parkhurst and Rockyview are all emerging as new property hot spots, showing that builders are doing what they can to meet increasing demand.
Herron Todd and Westpac also released a report earlier this year, which showed that Rockhampton is perfectly positioned to welcome first home buyers and entry-level residential property investors.
It acknowledged that the majority of activity can be seen at the lower end of the market, where properties are priced at under $350,000.
However, there is an increasing provision of entry-level homes priced at around $290,000, especially in the likes of Wandal, Allenstown and The Range.
Returns on investment
The Herron Todd-Westpac figures also showed that investors are making returns on Rockhampton property, earning rents of between $320 and $340 per week.
Over the year to January 2013, rents increased by around eight per cent, which the groups forecast would continue throughout the remainder of this year.
What the future has in store for Rockhampton property is unclear, but what is evident is that the city is on the way up.