The property market in the Rockhampton area has changed over the last 12 months.
That could be because more people have been moving to this region, both for job opportunities and lifestyle choices.
Things such as the major road infrastructure changes, development of new mines and the prison upgrade has all created new job opportunities and people moving to our area. And of course, areas like the Rockhampton River Bank, where we’re continuing to see more work done, with the art gallery being built at the moment, and also the foreshore in Yeppoon, which is creating great lifestyles for young families to enjoy and embrace what’s on offer here, not to mention new heights of tourism.
Most people are interested in how and why prices are going up in the region. In the rental market, we are seeing rental prices increase and vacancy rates drop. In sales, we’re seeing more sales happen, and property prices increase. What’s the consequence in simple terms? Well, if you’re a tenant, you no longer can get the house you apply for. Often, there’s more than one person wanting to move into the same house. Therefore, your rental application has to be first class to secure the rental you want. And when it comes to sales, increasingly, we’re seeing more and more properties being sold with multiple offers. Now that’s fantastic for sellers, and it’s seeing an increase in property prices.
There are three things that we like to look at when trying to understand the market. One is the number of new houses being brought to the market, which of late has been both at the beach and in Rockhampton, that fewer homes are being listed for sale. That simply decreases the options for buyers to choose from. Next, sales percentages. Now when you combine both fewer homes being advertised for sale and more properties selling, it changes the third thing we like to look at, which is how long it takes to sell a house. We call it average days on market which we are now seeing a decrease. You can have confidence if you put your house on the market, you will get an outcome within 60 days.
The last statistic we like to review, is property prices. They have bottomed out, and now, have started to increase.
If you’re a seller, consider the fact that there’s less homes currently on the market. It won’t take long for the general market to change and things have gotten better. Now when that happens, more homes will come to the market. And unfortunately, what that does is increase supply, which gives buyers more choice. With more choice, there’s less competition. We all know that competition is what drives the market prices!