Southern investor snaps up unit complex for $1.15M
A COMPLEX of five units in Rockhampton City has sold for more than $1 million, wrapping up a strong year for Rockhampton real estate.
Units 1,2,3,4,5/157 Murray St sold for $1,150,000 on December 16.
Mr Real Estate principal Jason Rayner, who was also the selling agent, said the complex was sold to a southern investor from Northern Beaches, Sydney.
Mr Rayner said the buyer purchased the property without even coming up to inspect.
“She found the property online and started asking a lot of questions, as well as getting all the details and statistics for the year that showed we had a lot of promise,” he said.
“Out of all the coastal areas she looked at on the eastern seaboard she thought we had the most advantage in the growth and job prospects for the future. She thought it was a very wise investment.”
Mr Rayner said the buyer had been looking for an opportunity like this for six months.
“A friend had told her Rockhampton was on the move,” he said.
“She started researching the area, found the Mr Real Estate team and started looking at our sales and properties we have.
“She investigated the whole market and thought those units represented a very good value proposition in the centre of town.
“Out of about 20 sets of units she looked at around Queensland, she felt most confident in those units.”
The complex is only six years old, with each unit currently tenanted and bringing it about $95,000 per year income gross.
Mr Rayner said the buyer planned to keep the complex for about seven years before looking at her options.
“She believes rents here will sky-rocket and she will benefit through, not only rental income, but capital growth in the future,” he said.
“They are all going to be kept as rentals and we will remain the property management team.
“The tenants are happy to stay on and all feel confident with this new seller. There was a lot of communication throughout the deal and she is looking to buy more.”
Several potential buyers were showing interest in the complex, with Mr Rayner saying he could have sold the complex three times.
“I had a back-up buyer and another lady waiting to go, all because of the way we marketed the property to southern investors,” he said.
“We are overwhelmed with southern investment at the moment.
“However, the buyer was the first inquiry and, believing she had competition, took the bull by the horns and made the leap of faith to invest in Rockhampton. She is over the moon and happy as.”
Mr Rayner said the sales market had experienced the biggest November for 12 years. He also said the rental market’s vacancy rate was at an all-time low.
“We have had 100 properties go under contract since August and are selling everywhere from The Caves through to Gracemere, with Norman Gardens and Frenchville remaining top performers,” he said.
“We have nearly 900 rentals and about 10 vacancies as of last week. That’s about a one per cent vacancy rate for our office. We cannot keep up with tenants and properties at the moment.
“We are feeling the confidence boost coming to our town created by new jobs, new families and growth. We are feeling the impact of a community and city growing, jobs being created, and the confidence is rebuilding.
“We are running out of properties to sell.”