Best buying in decades
For those with a job, home hunting never looked better in CQ
Wednesday 13 September 2017
Valuers Herron Todd White (HTW) say it's the best time in decades for families to fulfil their dreams of owning their own home in Central Queensland.
However, as HTW points out, the incredible affordability has not come cheaply for many homeowners who bought at the height of the mining construction boom.
REIQ figures out this week showed median house prices in Rockhampton have now fallen 10% since 2012, but HTW says there are signs of buyers re-entering the market.
“Home owners make up approximately 95% to 99% of the current market, and they are active in all price ranges from $200,000 to $600,000,” HTW said.
“There is a quiet confidence starting to filter around the town that the resource sector has stabilised and employment demand appears to be trending upwards slightly.
“If coal prices remain where they are or improve, we will only see employment demand increase.”
According to HTW, Gladstone was one of the most expensive places in the state at the height of the LNG construction boom, but today you would have to go back 20 years to get equivalent value.
In Mackay - arguably the town at the apex of the boom and bust mining cycle - there has been a significant correction in property prices slashing more than $100,000 from the value of some properties.
However, this has presented great opportunities for anyone returning to the region.
“Mackay had a reputation as a mining town and was often not on the radar for professions such as teachers, police, ambulance or entry level job seekers not related to mining because of the high rents and purchase price for dwellings,” HTW said.
“However, since the downturn in the resource industry and flow on effects to the Mackay residential market, we saw median house prices drop by over $100,000, with many properties available for well under $300,000.
“While this result was has been difficult to take, it has presented opportunities in Mackay not seen in over 13 years.
“For example to purchase good quality executive dwellings in the newer estates such as Northview Gardens during the boom, you were looking at more than $600,000.
"Since the market has fallen, we have seen some sales within the estate at between $450,000 and $500,000, which when combined with record low-interest rates becomes more achievable.”