Newspaper article The Morning Bulletin (Rockhampton, Australia)

Pendulum Swings as CQ House Sales Rise; Rocky Agent Pat O'Driscoll Records Best Sale Results in 14 Years and It's Set to Grow

Newspaper article The Morning Bulletin (Rockhampton, Australia)

Pendulum Swings as CQ House Sales Rise; Rocky Agent Pat O'Driscoll Records Best Sale Results in 14 Years and It's Set to Grow

Article excerpt

Byline: Shayla Bulloch Shayla.Bulloch@capnews.com.au

LEADING agents are feeling the demand for Rockhampton's affordable homes as the region outshines capital cities on expected returns.

While Pat O'Driscoll Real Estate reports their best sale results in 14 years, researchers have identified Rockhampton as one of nine "growth locations" in Queensland expected to out-perform Sydney and Melbourne.

Director Pat O'Driscoll said the pendulum had swung and his 40 years of experience in the industry led him to believe strong growth was expected.

The team at Pat O'Driscoll Real Estate had already sold around 40 properties this year with Mr O'Driscoll saying people looked at

the Beef Capital as the

"focal city" in Central Queensland.

"Investors look at security and with the Capricorn Coast the hub of tourism and the Central Highlands the heart of mining and grazing, Rocky is the centre," he said.

Latest analysis by market research firm Propertyology found Rocky to be among the 39 areas in Australia where median house prices were less than $400,000.

These cities were not only affordable, but their returns were expected to beat the southern capitals like Sydney and Melbourne.

Mr O'Driscoll said these new results were not surprising and the growth had already begun late last year.

"Vacancy rates are falling, rental properties are stabilised and investors are looking for secure havens to invest in," he said.

"The turn started in November and really

hit the straps in January

and continued into this month."

Current vacancy rates sit at 2.20 per cent for the Rockhampton region, with 767 rental properties available.

The median house price for the region is $222,000 - a drop of 6.56 per cent in the last quarter.

Despite being able to purchase perhaps three homes in Rocky for the price of a standard inner-Sydney home, Mr O'Driscoll said affordability was not the only factor. …

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