Rockhampton market remains steady despite mining downturn Chris Schwarten 24th Aug 2013 8:26 AM
THE downturn in the mining industry has had a negative effect on property markets throughout central Queensland but Rockhampton still remains a safe place to invest.
That's according to Pat O'Driscoll sales consultant Leanne Fenech who yesterday said the downturn had minimal impact on the region due to the strength of other industries.
"There is so much more going on in Rockhampton that we really don't get the big highs or the big lows that are dictated by the resource industry" she said.
"Our market is pretty steady most of the time, which makes it a fairly safe place to invest."
And the experienced agent's words were backed up by the latest Real Estate Institute of Queensland quarterly figures, which were released yesterday.
Ms Fenech said there was still a lot of interest from investors outside of Rockhampton and The Range had been a particularly popular location for investment properties.
The suburb experienced an 11.9% increase in the last quarter.
However, overall figures for Rockhampton show the region has experienced a downturn in median house prices of 2.1%. That figure is minimal, however, when compared to towns like Moranbah.
While there are no available quarterly figures for Moranbah, the yearly comparison shows the market is down 21.1%.
Ms Fenech, who also sells properties in Emerald and Moranbah, said she had seen firsthand the difficulties that some homeowners were currently facing.
However, while Ms Fenech said the market had been difficult in areas like Emerald and Moranbah, she said there was still development occurring and believed things would pick up in the future.
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That's unfortunate news, Frank. Prices seem to be down Q-o-Q pretty much across the board. Except where sales are so low that Q-o-Q changes are shown as "N/A" instead.
Quote:
Bummer
Sorry you're in the dumps.
...
In all fairness, I'm sure Rocky will weather the storm better than most.
But to triumphantly preface your referenced article as positive ("In your fken dreams bears") because REAs characterises the Rocky market as less "difficult" than Moranbah or Emerald is just a little desperate, Frank...
But to triumphantly preface your referenced article as positive ("In your fken dreams bears") because REAs characterises the Rocky market as less "difficult" than Moranbah or Emerald is just a little desperate, Frank...
Desperate? Hardly. if anything it is YOU who is sounding desperate.
The bears have been telling me for the last 5 years that I would be smashed but prices on well priced, well positioned properties have actually risen quite steadily during that period. And in the last several mths there has certainly been a boom on in blocks with potential - see comment at end of post.
Bardon
24 Aug 2013, 06:50 PM
Looks interesting how many units could you put on that block?
I was just going to take the easy option and do a smash and grab. Knock it down, chain the trees and build 2 @ 4x2x2, sell them cheap and quick and pick up close to $150k before tax for 6 mths effort.
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Rocky will weather the storm because there is very little downside unlike the more liveable regional centres. It is a backwater, that is what is saving it, but that implies there is little chance of growth in the years to come either. As property falls into the recession we are entering it will probably hold up well though rental properties may be in oversupply as people who can, move to areas with more work options.
Frank accepts his gifts from his RBA and socialist government mummy and daddy. Isn't he such a big man!
They say the rich are arseholes, but the so called salt of the earth bogans like Frank are often a pack of arseholes too. Give them a few bob and a bit of power and they act exactly like the tyrannical pretentious twats Frank hates.
stinkbug omosessuale Frank Castle is a liar and a criminal. He will often deliberately take people out of context and use straw man arguments. Frank finally and unintentionally gives it up and admits he got where he is, primarily via dumb luck! See here Property will be 50-70% off by 2016.
Desperate? Hardly. if anything it is YOU who is sounding desperate.
Why? I'm not actually a bear.
But I do recognise a currently down market when I see one, with negative or N/A readings on Q-o-Q sale prices shown nearly across the board, in an article you yourself have chosen to highlight.
But I do recognise a currently down market when I see one, with negative or N/A readings on Q-o-Q sale prices shown nearly across the board, in an article you yourself have chosen to highlight.
Supply and demand. Also, we have to look at the inflation adjusted price. So if you have a property price rise of say 8% and inflation of say 4%. The real increase is 4%. But really you need to look at the price of new houses. If we say oh look what the Mona Lisa sold for. Like 10 trillion dollars or something. I can never get a piece of art. But if we go to the art shop and buy the paint and canvas and pay a good painter to paint us one, it would be very affordable. Not the same but it will do. So have house prices gone up? Has art gone up? Or has the art everyone wants gone up??? Has the houses everyone wants gone up. Can we all buy in Dalkieth??? No. If we play our cards right we may be able to get the house in Dalkieth with the Mona Lisa hanging on it. Good luck And keep up the fight. Peter :pop:
But I do recognise a currently down market when I see one, with negative or N/A readings on Q-o-Q sale prices shown nearly across the board, in an article you yourself have chosen to highlight.
Well what I see in the "real world" are- the properties I am chasing being snapped up rapidly, site unseen and no time to run it by council and the style of properties I am putting on them also going up in value (new 3 bedders better than standard fitout). They have usually been in the $320 - $340k bracket but have been getting up towards the $370 mark + recently.
Its got that 2001 feel to it again.
local
24 Aug 2013, 07:05 PM
but that implies there is little chance of growth in the years to come either.
Dear oh dear The REAL growth is made in the purchase and creation of new land and new houses - not in simple buy and hold Who cares if there is no growth over the next few years when you pick up 40% or more by redeveloping.
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