The climb is slow but property on the way up
THE Rockhampton real estate forecast looks bleak from afar. But if you draw the shades a little, its potential can be seen poking through.
Matusik Property Insights director Michael Matusik yesterday addressed about 60 Capricornia agents, showing why the outlook is more positive than it seems.
Michael's report shows that the residential market is currently in stagnation and that sales are predominantly to local first home buyers or first-time upgraders.
But sales volumes are starting to lift, re-sale supply tightening and prices are stable.
But Michael warned the improvement would be mild when compared to past cycles.
"If you look at the Rockhampton market, it's actually improving slowly. It had plateaued and up until 2012-13 Rocky hit a peak but unlike many other regional markets in Australia it hasn't fallen," he said.
"It has bounced around at that level, about the $350,000 average price.
"The sales are improving from a low basis and will continue to improve the next 12 months."
Mr Matusik said there were two things restricting the market from a major upswing.
"Not creating enough jobs to ignite the market and the amount of resale properties still up for sale are keeping the market back at the moment," he said.
"New jobs would obviously boost the economy and help the market and resale of properties becomes a drag in the market."
- Keep a look out for the Morning Bulletin's Saturday paper featuring a bumper 96 page real estate lift out for Rockhampton and Yeppoon