Presentation plays vital role in sale of Rockhampton properties: HTW
Price point nor location are the determining factors in the Rockhampton region when determining the most or active sectors, according to Herron Todd White’s (HTW) latest monthly market report.
The property advisory firm says that price point and location are not determining factors in either the most or least active sectors of the market in the Rockhampton region at this point in time.
"More so, the buyer profile and presentation of the property is determining activity or lack thereof in the local market," HTW advised.
The buyer demographic most active in this region over recent months has mainly been owner occupiers looking for either a first home or upgrading under favourable buyer conditions, including record low interest rates and affordable housing prices.
These buyers, whether they are first or subsequent home buyers, are drawn to well priced and well presented dwellings, ready to live in with no renovations or repairs required.
Price points vary considerably for this active market sector, but HTW said it is typically seeing first home buyers at prices up to approximately $300,000 and upgraders from $400,000, depending on their financial backing.
An example would be a three bedroom home at 25 Kingfisher Parade (pictured above) that is for sale for $349,000.
The local investor market has been slower than it has been historically, with job security the obvious reason behind this changing trend in Rockhampton.
Properties that appeal to investors generally would benefit from a maintenance program to attract tenants and enhance rental return.
Given the volume of available housing, buyers have been less inclined to spend their cash reserves on such maintenance and repairs.
"While our local economy is typically quite diverse compared to our regional neighbours to the north, south and west with education, health and agriculture also major employers in the region, the mining and associated services industry downturn has had a significant effect on local investment," the report states.
This has combined with higher rental vacancy rates which makes the region less attractive for the typical mum and dad investors.
HTW noted that Rockhampton has, historically, been more stable compared to other regions.
"Having said this, Rockhampton has historically been a less volatile market than other regional localities," said the report. "+Given recent economic conditions combined with the 2015 APRA changes to investor lending, it is possible that some investor activity will return to the local market as investing in capital cities becomes less affordable."