Brett Wortman

Rockhampton property in a lull, but a change is coming

A ROCKHAMPTON property expert says he expects the market to pick up after the federal election as investors wait to see who wins government.

The outlook comes as Real Estate Institute of Queensland data for the March quarter shows the number of house sales in Rockhampton is down 84 year on year.

The REIQ figures showed the small Livingstone suburb of Lammermoor recorded the region's highest annual median house sales price of $422,500.

Norman Gardens was Rockhampton's star performer with homes in that suburb sitting on an annual median of $385,000.

Livingstone hamlet Zilzie was not far behind with homes there fetching $375,000 and Yeppoon's median of $357,500 was also a strong performer.

Unit prices in Livingstone told a different tale though as the March quarter median fell a whopping 28% to $252,500.

Rockhampton unit prices were stronger with that local government area's median only falling .2% to $264,500.

The median house sale price for the Rockhampton local government area dropped 3.6% to $270,000 in the first quarter of 2016.

This was $12,000 less than the annual median sale price of $282,000.

Livingstone LGA's quarterly median sale price rose 4.7% to $387,500 - $12,500 higher than the council area's annual median of $375,000.

Across Rockhampton and Livingstone, 258 houses and 40 units changed hands during the March quarter.

The suburb with the highest turnover was Frenchville where 26 houses sold while Norman Gardens had 25 sales and Allenstown and Park Avenue both had 15 turnovers.

REIQ Rockhampton zone chairman Noel Livingston said the mining downturn was having an impact on the market.
However he expected things to turn around once the federal election was done and dusted.

"Because we're in pre-election mode we've got investors sitting on the fence waiting to see who gets into office," Mr Livingston said.

"They want to see what will happen with negative gearing before making decisions.

"I'm expecting things to pick up after the election."

- ARM Newsdesk

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