Business booming on the Coast and Rocky's property market
CAPRICORN Coast property market has come through the COVID-19 pandemic with flying colours and the Rockhampton property market is hot on its heels with both showing less time on market, solid prices and plenty of interest from investors and owner buyers.
Herron Todd White, one of the largest independent property valuation and advisory groups in Australia, confirmed the property market to date remained unaffected by the pandemic.
Herron Todd White Rockhampton Managing Director Graham Gross said values hadbeen consistent with no decline and, in some sectors, had increased.
"Modern, well presented homes on the Capricorn Coast are selling well. Regionally, we have been fortunate to continue with a very small number of COVID-19 cases which, combined with the recent easing of restrictions, is likely to support this trend to continue should the number of cases remain low in our region," Mr Gross said.
"The market is driven by population and the installation of significant infrastructure both at the Coast and in Rockhampton has been a major drawcard for both buyers and renters coming to the region.
"Investors are getting a good return for well-presented properties and we expect that trend to continue.
"The market has also seen a notable increase in renovation projects across Rockhampton and the Capricorn Coast.
"Small pockets of South Rockhampton, such as The Range, Allenstown and Wandal are sought after for their proximity to the CBD, schooling, hospitals and elevation available in some areas to provide city views to the east or vast hinterland views to the west.
"Given the south side is characterised by Queenslander style homes and there is no room for growth or expansion due to the area being surrounded by flood plains, renovation presents the only option for those in the market wanting both southside convenience and contemporary living.
"In the balance of the market, renovation activity is generally holding steady, with some basic dwellings receiving a renovation to then be on-sold."
Mr Gross said the combination of low interest rates, a preference by first home buyers to want properties with nothing left to do and a consistent, moderate upturn in the local economy were responsible for the strong property market trends.
"While the majority of the renovations seen are by long term owner-occupiers entering into a major renovation to create their forever home, there are a number of investors picking themselves up a bargain and completing a simple renovation to then resell with the intent of turning a profit in a market which is starting to recover from an extended period of no capital growth," he said.
"Styling and presentation is a key factor linked to the level of profit made.
"First home buyers still prefer new homes, however there are some who end up buying these more affordable, renovated existing homes with nothing left to be done.
"The added market value of basic renovations tends to match cost and when the market is starting to recover, a small profit may be had.
"It is important to be aware of the market in which you are renovating to determine where renovation dollars are best spent.
"A dwelling with a poor layout would benefit from a structural change to rectify, however if the existing layout is functional, that money may be better directed elsewhere.
"Being aware of town planning is also important when planning a renovation, particularly in older areas where perhaps a heritage overlay, or neighbourhood character overlay is required to be complied with.
"For Rockhampton, in particular, the renovator market is likely to continue the current trend as factors that drive the decision to renovate are considered a constant in the local market."
At The Beach Real Estate specialist Sean Appleton said all agents on the Capricorn Coast were desperately seeking more property listings.
"We especially need properties in Barmaryee and Barlows Hill areas with buyers waiting in the wings," he said.
"If you are considering listing your property for sale now is the perfect time to list, we will be happy to offer an appraisal."
At The Beach Real Estate sales in the past few weeks
1 Grevillea Avenue - Sold off market
16 Kingfisher St - Sold over list price
36 Kingfisher St - Sold over list price
24 Stevenson St - Under contract
23 Macdonald St - Under contract
200 Scenic Highway - Sold
1 Allenby Dr - Under offer