Experts reveal Rocky house prices set to stabilise this year
FRENCHVILLE has reigned as the highest-selling suburb in Rockhampton of 2017.
With 116 sales, its annual sale volume averaging $330,000.
Gracemere was runner-up, with 82 sales averaging $270,500.
The latest figures released in the REIQ Queensland Market Monitor showed the beef capital's house market performance rose in the December quarter, renewing confidence among local agents.
December's quarter median price grew 4.7 per cent, about $12,000, with $272,500 compared to $260,500 in September.
According to the REIQ report, the house market is showing signs of "a more stable level of demand” while market trend indicators have found potential for it to stabilise this year.
Rockhampton's house market was considered the most affordable of all the regions featured within the report.
For the year, house prices were 1.9 per cent lower to $265,000 in 2017.
However, the fall was not as dramatic as previous years.
In December 2016, the annual median house price had fallen by 5.9 per cent.
For the past five years, the median house price has fallen by 11.1 per cent, dropping from $298,000 in December 2012.
The city's most active price range for house sales is below $350,000 and considered "very affordable”.
Units remain more expensive purchases in Rockhampton, although the median unit price rounded out last year at $295,000, 1.3% lower than where it started.
On average, buying a unit in Rockhampton is $30,000 more expensive than a house.
The report concluded a Rockhampton unit also needed more than three months, or 100 days, to reach a sale, while houses needed 73 days to reach a sale on average in November.
Meanwhile, the REIQ forecast has house prices recovering if investment and employment continues to prosper within the region.
The region will also reap the rewards of three top projects in the region, if they are successful.
These are the Great Keppel Island Resort revitalisation ($590 million), the Lower Fitzroy River Infrastructure Rookwood Weir project ($350 million) and the $170 million Mount Morgan Gold Tailing project.
"The success and speedy implementation of the proposed infrastructure projects is definitely critical to support regional economic recovery,” the report stated.
2017's highest-selling suburbs
Ranked by annual sale volumes
Frenchville (116 sales, $330,000)
Gracemere (82 sales, $270,500)
Berserker (78 sales, $190,000)
The Range (68 sales, $331,500)
Park Avenue (64 sales, $215,800).