Rockhampton has been listed in Smart Property Investment’s Fast 50 report as a hotspot in coming years, according to two leading property experts.
To hear Smart Property Investment’s editor Phillip Tarrant discuss the Rockhampton property market on 612 ABC Brisbane click here
Lower entry prices and a diverse economy, coupled with a large population, are some of the fundamental growth drivers that will put upward pressure on property prices, Property Investment Professionals of Australia chair Margaret Lomas said.
“This is a buy now and wait for 3 -5 years for some action type of investment,” Ms Lomas said.
“Buy-in prices are low at around $220,00 - $250,000, with strong yields around 7.5 per cent, and so you can hold with little financial stress,” she said.
“I see this area benefiting from the flow on effect of Gladstone without the high risk that mining areas traditionally bring.”
NextHotSpot director Luke Berry, who also picked Rockhampton as a growth area, believes it is one of the focal points of the massive development of resources industries in Queensland.
“While the scale of investment is less than at Gladstone, it is still significant and boasts several cheap areas such as Beserker that are set to boom,” Mr Berry said.
The median house price and median unit price in Rockhampton is $210,000 and $447,500, respectively.