Prop­erty hold­ing pat­tern

CQ’s prop­erty mar­ket tipped to pros­per next year

The Morning Bulletin - - NEWS - LEIGHTON SMITH [email protected]­news.com.au ‘‘ WE’RE EX­CITED ABOUT WHAT LOOKS LIKE IT IS COM­ING OUR WAY. NOEL LIV­INGSTON

ROCK­HAMP­TON’S prop­erty mar­ket is cur­rently mark­ing time while it waits for big promised projects to start, bring­ing an in­flux of work­ers and money to the re­gion.

The lat­est REIQ Queens­land Mar­ket Mon­i­tor re­port for the Septem­ber quar­ter has re­vealed prop­erty val­ues con­tinue to stay steady or slightly de­crease around most of Cen­tral Queens­land.

Rock­hamp­ton’s me­dian hous­ing price of $265,000 to be three per­cent down com­pared to the $273,000 re­sult a year ago.

Liv­ing­stone recorded a slight 1.5 per cent in­crease in their me­dian prop­erty val­ues to $396,000.

REIQ Rock­hamp­ton zone chair Noel Liv­ingston said this “more of the same” re­sult fol­lowed sim­i­lar mar­ket con­di­tions through­out the year with Liv­ing­stone Shire’s for­tunes run­ning par­al­lel to Rock­hamp­ton’s.

He said the re­gion was still await­ing key big spend­ing, high em­ploy­ing projects to kick in.

“Ev­ery mar­ket needs im­pe­tus and ours is yet to gain that im­pe­tus,” Mr Liv­ingston said.

A num­ber of mas­sive in­fra­struc­ture projects are on the hori­zon promis­ing to boost the Rock­hamp­ton re­gion in­clud­ing Rookwood Weir, the South Rock­hamp­ton Flood Levee, Rock­hamp­ton Ring Road, Shoal­wa­ter Bay train­ing area up­grades, Adani’s Carmichael

coal mine and Great Kep­pel Is­land’s re­vi­tal­i­sa­tion works and re­sort con­struc­tion - but are yet to break ground.

“We’re ex­cited about what looks like it is com­ing our way, most of those projects are signed off on now, a lot of that has only hap­pened in re­cent times, but things have got to start be­fore you see the jobs come into the area,” he said.

“The jobs will bring the peo­ple and the need for ac­com­mo­da­tion will be much higher.

“Once it starts to hap­pen, I have no doubt the mar­ket will be in­flu­enced.”

For­tu­nately the prop­erty value re­sults are be­ing off­set by the con­tin­u­ing tight­en­ing for Rock­hamp­ton’s ren­tal va­can­cies, with Rock­hamp­ton now down to 2.5 per cent va­cant ren­tal prop­er­ties.

“It’s great news for the ren­tal mar­ket as far as land­lords are con­cerned, the mar­ket has tight­ened ev­ery quar­ter for the last six quar­ters and there’s no rea­son to think it won’t con­tinue to do so,” Mr Liv­ingston said.

“There is some ev­i­dence now of peo­ple look­ing to get into the res­i­den­tial ren­tal mar­ket, in terms of in­vestors, and we haven’t seen them in some time and that purely comes back to the tight­en­ing va­cancy rates and the op­ti­mism that we have.

He said the next step was for the ren­tal price to go up.

“The key time for this will be in Jan­uary, I be­lieve there will be stronger de­mand when you

have a lot of peo­ple re­lo­cat­ing and start­ing new jobs,” he said.

“It’s not go­ing to be crazy or any­thing but you will see the de­mand out­strip the sup­ply and con­se­quently you will see some rises in ren­tal prices.

“Jan­uary is the big month for that to tell us if that’s go­ing to hap­pen.”

Photo: RP data

MIXED RE­SULT: Com­par­ing the CQ prop­erty mar­ket for the Septem­ber quar­ter.

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