CQ's property market tipped to prosper next year
ROCKHAMPTON'S property market is currently marking time while it waits for big promised projects to kick off, 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 $265000 to be three percent down compared to the $273000 result a year ago.
Livingstone recorded a slight 1.5 per cent increase in their median property values to $396000.
REIQ Rockhampton zone chair Noel Livingston said this "more of the same" result with similar market conditions that we have throughout the year with Livingstone'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 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 were 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."