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Capricorn Life | Buyers Agent

Rockhampton, Gladstone, Mackay, Airlie Beach, Emerald, Bundaberg, Yeppoon, Agnes Waters, Whitsundays

CENTRAL QUEENSLAND

1800 543 328

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Mon - Fri: 9:00 - 17:30

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Despite consecutive interest rate rises and ongoing media doom and gloom Rockhampton is a property market on the rise.

Extremely low levels of supply are being met with high demand causing a frenzy over property across many new listings in Rockhampton. Over the last 4 months listing volumes and inventory levels have sat below 1%. Overall inventory levels have been contracting for the last 24 months now down to record low levels.

The overall absorption rate from August-November 2022 sat well above 90% showing that property in Rockhampton is in extremely high demand. The 1% listing volume per month is simply not enough to cool or balance the marketplace, as the inventory levels have contracted to all time lows.

When you have a marketplace where supply can’t keep up with demand that only means prices will increase with vendor discounting now sitting at a 24-month low.

Picture: Rockhampton Market Update November 2022

 

The Rockhampton median house price has seen a 3.2% increase since August 2022, with plenty more wiggle room for growth when benchmarked against other regional hubs like Toowoomba and Bundaberg where the median sits over $100,000 higher.

We are even starting to see long term Capricorn locals now choosing Rockhampton over Yeppoon purely for affordability reasons as Yeppoon has increased more than 20% over the last 24 months pricing many aspiring homeowners out of the market and we are now seeing this demand move into Rockhampton.

What is concerning is the supply pipeline, with record low listings volumes, a super low vacancy rate and low levels of building approvals we are seeing more vendors hold on to property rather than sell as there are no alternatives.

With that said we see don’t see the median house price slowing down anytime soon as investors now have Rockhampton on their radars creating more competition in the marketplace.

If you would like more information on how the Rockhampton property market is tracking please watch our November 2022 Rockhampton Property Market Update which can be found on our Facebook page.

Troyson Bassani

Owner & Head of Research

Capricorn Life Buyers Agency

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