Rockhampton property market to recover in 2020: HTW residential

As the Rockhampton and surrounding residential markets enter 2020, there is a feeling of optimism and increased confidence for the year ahead, according to a recent Herron Todd White (HTW) residential report. 

The report notes the close of 2019 saw increased sales activity, shorter selling periods and a firming of sale prices. In particular, well maintained and well-presented owner-occupied homes in sought-after suburbs have been leading the charge.

Many agents are reporting a shortage of listings due to having sold the majority of their stock. For the first time in many years, buyers are feeling the pinch with stories emerging of some now starting to miss out on their first choice of homes.

"Vacancy rates reduced dramatically throughout the course of 2019 and are currently very tight. This has resulted in an increase in rents which we anticipate will hold firm during 2020," the valuation firm said. 

"So, you ask, what’s driving the change?

"Well, we are now seeing significant government infrastructure projects coming to fruition, particularly Main Roads committing to major upgrades including the Gracemere duplication, Parkhurst corridor and of course the Rockhampton Ring Road which is now in the early stages of planning and resumption," the valuation firm said. 

This combined with a surprise federal election result in May 2019 gave Central Queensland a boost in confidence, particularly in the resource and mining sectors which have largely experienced improvements in production, and created new jobs throughout the latter half of 2019.

"In summary, all the key components are there for what should be a positive year ahead with firming conditions predicted in what is shaping up to be a recovery year for the region. After all, it has to be said that the past seven to eight years have largely been disappointing from a property and economic perspective." 

A riverfront apartment in Rockhampton City has recently been sold for $650,000.

The three bedroom, two bathroom apartment is located at 901/58 Victoria Parade (pictured below). 

It features large balcony, stone kitchen and allocated two car basement parking. 

A current listing is a West Rockhampton three bedroom house priced at $350,000.

Located at 52 Pennycruick Street (pictured below), the house comprises 3 bedrooms, open plan living and entertaining patio.

Other features include hardwood timber floors, ceiling fans and 3 street frontages.