Weakening Rockhampton residential market may yet have hope as construction picks up: HTW

Weakening Rockhampton residential market may yet have hope as construction picks up: HTW
Weakening Rockhampton residential market may yet have hope as construction picks up: HTW

The weakening Rockhampton residential market may yet have hope as construction picks up.

The Rockhampton market has been weakening for some time now with relatively sales numbers steady over the past few years, according to the June report from valuation firm Herron Todd White.

January to March was overall quite positive, providing a good start to the year and while the months since have not been as buoyant, there are still signs within the area that market improvement is just around the corner.

The report noted that, overall the housing sector has continued to plod along with no real stand out areas although the prestige market has seen more activity in recent times.

The prestige market has seen more activity in recent times with a number of sales over $1 million and a few close to that.

There is still good buying within most price brackets, with the best buying being in the sub $300,000 established homes.

"Newer homes have tended to hold their prices better over the past few years but are still offering buyers good value for money", suggests the report.

"The construction of new homes has improved slightly, however there is still a way to go, generally due to modern established homes offering better overall value for money at the current time."

A number of unit projects are in progress in various areas throughout the Rockhampton area, one of note, The Gallery, (pictured) which is the latest Riverside high rise apartment complex, is all but completed, with a number of units still available for purchase.

The Skyview complex is also under construction with units still available and The Loft apartments are getting pre-sales together.

New walk-up units are also available on both sides of the river in older more established areas.

The report noted that, older units are generally priced in the lower section of the market and are generally offering good buying.

The second half of the year is looking positive, with a number of projects both small and large either about to start or that have had announcements with funding pending.

Rookwood Weir and the lingering project are the two largest projects that are mooted for the area, stated the valuers.

Should either of these go ahead, they will help drive the Rockhampton and Central Queensland economy in the future.

Should further action towards these projects take place within the next few months, it is expected the property market will react positively.

Other projects taking place in Rockhampton include the construction of the Rockhampton Hospital Carpark and the soon to start duplication of the Capricorn Highway to Gracemere and the Bruce Highway Northern Access upgrade.

The valuers at HTW forecast that, the Rockhampton market will through these projects and other factors see future market improvement.

Tags: 
Rockhampton Residential Market Trends

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