We're on national property radar: CQ set to boom
ROCKHAMPTON and Emerald have been listed in a national property report claiming the two centres will see a big improvement in the market over the next three years.
According to the report released by Propertyology, Western Australia and Queensland will produce the best-performed property markets for the foreseeable future.
"We believe that Cairns and the Sunshine Coast have the best fundamentals in Queensland for 2019 but expect big improvement over the next few years from Mackay, Rockhampton, Townsville and Toowoomba,” Propertyology Head of Research Simon Pressley said. Mr Pressley said the region has struggled from a lack of confidence and lack of job creation, but in the second half of 2018 there are signs of improvement and that is expected to continue.
"Improvements and swings in the economy is often a sign for what can happen in the property market.
"You get more transactions occur in property when you have got the combination of affordability, people being in good spirits and being confident in their ability to pay mortgages off.
"If you combine that with a local market that is oversupplied with housing that's when you get pressure on property prices.”
Mr Pressley said the positivity in the mining and agriculture sectors were to be credited to the improvement in the regions property market.
"Rockhampton is one of several locations that has been under Propertyology's radar for a few years,” he said.
"We follow the movements of key stakeholders and over a period of time if those trends continue you start to see that reflected in the mood of households. That is what is required for property prices to increase.
"We see signs of that in the second half of 2018 and we have every confidence that in 2019 this is going to materialise in property prices.”
Emerald and the Isaac region were also mentioned in the report as seeing an increase in median house prices, which again has been credited to the recent mining boom.
"Similarly, Emerald looks set to be big beneficiaries of the strong recovery of central Queensland's resources sector,” Mr Pressley said.
"Being a much smaller market, Emerald has higher risks than the satellite cities of Mackay and Rockhampton.
"Those communities are really strong when the demand for coal is high and the environment for the mining sector is positive.
"2013 to 2016 were difficult years for mining communities but there has been a recovery from about 2016 onwards that's just now starting to show in property prices.”