Rockhampton residential market in recovery: HTW residential
2019 to date has seen some improvement across the Rockhampton and surrounding residential markets, according to the latest Herron Todd White (HTW) residential report.
The report notes that the rental market has improved with a significant decline in vacancy rates resulting in a slight increase in median rents across most sectors.
In terms of sales activity the top end of the market ($700,000 and above) has been on fire in recent months with a new record price for a residential house coming in at a touch under $1.8 million.
There has also been a larger than average number of sales occur between $900,000 and $1.3 million which is well above average for the number of sales in this sector, having only averaged about two to three sales per annum in recent years.
A fully rebuilt five bedroom house at The Range with views over the city and mountains has been recently sold for $1.3 million.
Sitting on a 1,809 square metre landscaped yard, the house at 102 Caroline Street (pictured below) comprises open plan living, kitchen with butlers pantry, master suite, and four additional bedrooms.
Other features include entertaining area, inground pool, office nook, solar water and triple garage.
The mid-range sector of the market ($250,000 to $400,000) is tracking reasonably well, especially owner-occupier homes which have been well maintained and well presented.
"Rental properties on the other hand are often much more difficult to sell as they generally take longer and are often sold at a higher discount," the valuation firm said.
The lower end of the market (sub-$200,000) still appears to be under duress, with a high number of listings of inferior quality stock.
This has continued to keep prices down and recovery in this sector still seems to be some way off however on a brighter note it does appear as though the number of bank re-possession sales is on the decline.
"Also of note is that new housing construction seems to have been somewhat buoyant in the first half of 2019, with Norman Gardens in particular seeing an increase in new homes compared to the same periods in 2017 and 2018," the valuation firm said.
A Norman Garden master-planned estate display home is currently on the market with $445,000 hopes.
Set on a 526 square metre lot near bushland pockets, the display home at 1 Chestnut Avenue (pictured below) comes with four bedrooms, study/office, open plan kitchen, dining and living area, and double lockup parking.
It's located about 12 minutes to city centre.
"In summary, we feel the local property market has hit the bottom and is in the process of recovery.
"In terms of performance, we think the first half of 2019 would rate as a six out of ten and hopefully this continues to improve throughout the back half of 2019."