The median house price for Rockhampton for the June quarter decreased 2.1 per cent to $330,000. Over the year, however, it posted positive price growth of 2.2 per cent.
According to local REIQ accredited agencies, the market had been improving throughout the year however the Federal Election had had a dampening impact from about late-July as voters waited to see if there would be a change of government.
Solid house performers over the quarter and the year included The Range with a median price increase of 11.9 per cent and 10.6 per cent respectively. Its median house price over the June quarter was $395,000.
Local agents say the local economy is going to be relatively stable however there have been some reports of erratic swings in demand and supply in some sectors.
The numbers of investors in the market appear to have slowed as demand for rental properties has reduced. Local agents say there have been some reports of reductions in rents to secure tenants.
First home buyers are relatively active in the market and are targeting affordable property around $200,000. There has been some demand from first home buyers for affordable new homes in Gracemere but the majority are purchasing established stock in the Rockhampton region itself.
In other news for the area, Central Queensland’s important agriculture land will be protected while there will be opportunities for resources sector growth and co-existence, under the draft Central Queensland Regional Plan. The draft plan is open for public consultation until late September.
According to the State Government, the purpose of the draft plan is to provide additional protection for strategic areas of the region.
The draft Central Queensland Regional Plan seeks to address land use conflicts between agriculture and mining – two vital pillars of the Queensland economy.
The draft plan protects the region’s ‘priority agricultural land uses’ by defining the key criteria that would need to be met in order for agriculture and resources development to successfully co-exist within mapped ‘priority agriculture areas’.
The government also wants to protect the future of towns in the region by mapping priority living areas and identifying infrastructure opportunities in the area.
The Central Queensland Regional Plan includes Rockhampton, Gladstone and Central Highlands Regional Councils and Banana Shire Council and Woorabinda Aboriginal Shire Council and represents 6.8 per cent of the total area of Queensland.
The median unit and townhouse price in Rockhampton dropped by 28.4 per cent over the June quarter however this was impacted by the small numbers of sales that are recorded. That is, only 27 preliminary sales were recorded over the three-month period which means the median price is quite volatile.
According to the REIQ vacancy rate survey, the June rate for the Rockhampton region was recorded at 3.4 per cent, increasing from 2.7 per cent for March. REIQ accredited agents have noted the rental market had slowed quite a bit in the last few months. It is possible this result has been influenced by falling resource sector activity, especially given the region is situated between Mackay and Gladstone.
Brought to you by the REIQ’s Queensland Market Monitor