CQ real estate recovering, residential values ‘rising’
A NEW real estate report marks out Central Queensland's market as having performed considerably better than much of the country since the start of the year.
The Herron Todd White November 2020 Month in Review stated commercially, Rockhampton, Gladstone, and Emerald were at the start of recovery from the shocks of COVID-19.
Valuer Richard Dunbar said 2020 had been "memorable", but because of low infection rates, industries "generally fared pretty well" and greater activity in the commercial leasing market could soon lead to higher rental costs.
"The economic climate has gradually been improving throughout central Queensland over the past 18 months," he said, "and we had forecast that this increasing economic confidence would result in greater market activity, particularly for industries benefiting directly or indirectly from the significant infrastructure projects and mining services companies.
"The rental market has seen increased interest from businesses moving to the region or seeking further industrial space to cater for increased work generally due to infrastructure projects or mining activity.
"With low interest rates for the foreseeable future and with generally much lower yields and higher COVID infection numbers in the major centres, we may well see non-local interest remain for a while."
The residential market for houses in the same three areas was described as "rising", and the same went for units in Rockhampton and Gladstone.
In Rockhampton and the Capricorn Coast, the market was said to have improved overall, except for the 'prestige' market, which includes any property more expensive than $1 million.
Property Valuer Cara Pincombe said in that price range, the highest sale was a property on Queen Street, The Range that sold for $1.5 million.
"This sector of the market tends to be sporadic with only two residential sales above $1
million in Rockhampton and three sales on the Capricorn Coast in 2020," she said.
"Coming into the warmer months, the coastal listings may become more popular."
The prestige market in Gladstone, was also "thinly traded" this year, according to Associate Director Regan Aprile.
"There are currently about a dozen properties in the region listed for sale above $1 million," she said.
"Most are rural residential properties, however a couple are large, modern, inner city dwellings that take advantage of amazing harbour views."
In Emerald, demand was said to be higher than supply, increasing prices mainly at the high end of the residential market.