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Capricorn Life | Buyers Agent

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

CENTRAL QUEENSLAND

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The Beef Capital, Rockhampton in Central Queensland continues to be one of Australia’s hottest property markets. Capricorn Life Buyers Agency reports that housing supply has contracted now to a 3-year low.

Owner and Head of Research at Capricorn Life Buyers Agency Troyson Bassani says “Based on the 3-year low of inventory this suggests that the pool of properties available each month for purchase in Rockhampton has gotten smaller because demand is outstripping supply”.  This contraction of supply in the marketplace and strong demand is leading to a surge in house prices across many suburbs in Rockhampton.

Almost every suburb across Rockhampton in 2023 has seen its median house price grown by more than 6%. “Across the board from the most affordable to the more expensive suburbs like The Range and Norman Gardens prices are rising and buyers are snapping them up in the first few days on the market”, Bassani says.

Image 1: Rockhampton Suburbs June-September and Year-to-date growth. 

These low levels of supply are believed to be triggered by the current vacancy rate levels sitting under 1% in Rockhampton, a slow down in new construction and the overall supply rate. “Sellers are now reluctant to put their home on the market because there’s not really any alternatives to purchase or rent”, says Bassani.

Due to the sheer lack of new construction in suburbs like Parkhurst, Norman Gardens and Gracemere rents have surged where 4-bedroom homes in Norman Gardens and Frenchville are renting upward of $600 dollars per week, with many suburbs slowly following suit.

Image 2: Norman Gardens House $600 per week rent

Bassani says, “The inflated building costs and long wait periods for new construction has investors and home buyers gun shy to go down this path, so many are opting to purchase established stock”. The establish stock in Rockhampton has an average day on market figure of around 30 days, with suburbs like Frenchville sitting under 20 days. This suggests home buyers are pouncing on opportunities within the first few days.

Given the surge in house prices and high rents Rockhampton has become a hotspot for investors and Buyers Agents across the country looking to capitalise. “Now, home buyers have to contend with more competition and often these professional Buyer’s Agents due to the volume of buyers they bring agencies are opting to work with them and sell off-market, withholding stock from the market for everyday homebuyers and investors”, Bassani says.  

With pipeline of new supply for Rockhampton looking grim and still strong levels of demand we are likely to see this property market continue to surge on in 2024 and beyond. If you would like to understand more about what’s going on in the Rockhampton Property Market watch our latest market update on YouTube by clicking on the link below.

Alternatively, if you are a struggling home buyer or investor in that needs help navigating the Rockhampton Property Market, please connect with the Capricorn Life team. 

This has been proudly bought to you by Capricorn Life Buyers Agency.

Capricorn Life Buyers Agency.

 

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