Rocky's a haven for investors
LORRAINE and Joe Challacombe know where to park their money.
And with this month's edition of Australia's Property Investor magazine stating the Rockhampton region as one of Australia's “safe havens” to do just that, the area has become a hotspot for property investors.
Residents of Central Queensland their whole life, the wise couple have been smart with their money, investing in rental homes for many years.
“We've had two rentals in Blackwater and the home we've just moved into was a rental for six years,” Lorraine said. “We're hoping to sell the home we just moved out of and, who knows, it may be an investor.”
The magazine highlighted the region as one of only 19 Queensland regions in its Hot 100 list and reported that the region has affordable housing on offer for investors, is a known tourist destination, and that the council is committed and energetic which bodes well for the future.
This follows on from the Queensland Government's Queensland Housing Market Report, which in the first quarter of the year reported that “of Queensland's 15 most populated local government areas, Rockhampton and Gladstone recorded the largest absolute increase in median house prices at $36,500 (11.9% growth during the quarter) and $26,000 (6.7% growth during the quarter) respectively”.
Principal of Think Real Estate, Janece Jones, said there had been a big interest in the region. “The recent sales I have made have mostly been to investors coming from Melbourne, Canberra, Emerald and here in Rockhampton, so they're coming from all over to invest here which is great for the area,” Janece said.
“And our low vacancy rate is making it more enticing.”
Janece said it had been 18 months since their agency had seen much interest from investors, but within the past six weeks it had rapidly increased.
“A good portion of our buyers have been investors buying around the price of $250,000 for properties where the returns are a lot greater,” she said.
Yesterday The Morning Bulletin reported on the Real Estate Institute of Queensland quarterly figure findings for the Rockhampton housing market had dropped, but year-on-year figures show our change over one year has gone up from 1.2% to 1.5%.
ROCKY REGION STATS
The first quarter of the year in the Queensland Housing Market Report showed, out of Queensland's 15 most populated local government areas, Rockhampton and Gladstone recorded the largest absolute increase in median house prices at $36,500 (11.9% growth during the quarter) and $26,000 (6.7% growth during the quarter) respectively.
Australia's Property Investor magazine highlighted the region as one of only 19 Queensland regions in its “Hot 100” in this month's edition.