Which beachside suburb is CQ's newest property hotspot?
THE beachside suburb of Lammemoor was one of CQ's best performing areas for real estate sales over the past year, rising 8.2 per cent.
A recently released report by Queensland Market Monitor for the September 2018 quarter reveals positive signs for the both the Capricorn Coast and Rockhampton.
Lammermoor was the stand-out beach suburb over the past 12 months.
With 36 sales over the past year, the median sale price for Lammermoor rose from $421,000 to $455,650.
Emu Park also performed well, up 6.5 per cent for the year, with its 35 sales lifting the median sale price from $310,000 to $330,000.
While Yeppoon registered the most coastal sales over the past year - 85 - the median sale price dipped from $365,000 to $326,000, a drop of 10.7 per cent.
Zilzie also fell, down 2.9 per cent, with its median sale price dropping from $345,000 to $335,000.
Rory Wex, principal/property agent from RMW Property Agents in Yeppoon, said he had noticed an improvement in the market for all those areas in the past 12 months.
"Lammermoor is certainly the most popular coast suburb and there are a few reasons for that,” he said.
"Its close proximity to the beach, and it's arguably the coast's nicest beach, and the fact it's halfway between the harbour and the Yeppoon CBD make it attractive to boaties.
"Sacred Heart Primary School is also very popular.
"There's quite a bit of land being developed in Lammermoor and that sub-division allows for good growth through that suburb.”
Mr Wex said he expected Yeppoon to also kickstart over the next year.
"In Yeppoon city it's the oldest part of town and there are a lot of lower priced homes getting renovated,” he said.
"We will see growth in that area over the next couple of years, especially streets like Power St, Ross St, Ben St and Lamberton St.
"Some of these older Queenslander style homes have good sized blocks and buyers are seeing the advantage of picking those up relatively economically and flipping them after they have been renovated.”
Mr Wex said his two auctions for 2018 both been sold under the hammer, which was a very positive sign for the market moving forward.
A cyclone damaged home at 2409 Byfield Rd, Byfield sold for $235,000 while 40 Vaughans Rd, Inverness fetched $410,000.
Meanwhile, the Rockhampton median house price eased just 0.8 per cent in the 12 months to September 2018, to $265,000 in a sign the market is stabilising.
The average median price five years ago in Rockhampton was 12 per cent higher at $301,000.
Stand-out suburbs for the year included Park Avenue (up 8.4 per cent), The Range (up 8.1 per cent) and Norman Gardens (up 1.5 per cent).
"We know there are good underlying economic factors supporting this region and it is our belief that we are starting to see some price stabilisation,” the report states.
"The pace of losses has slowed and the rental market has tightened considerably, to a tight 2.3 per cent.
"This is a good indicator that sales will follow and demand will rise, exerting upward pressure on prices.”
Median unit prices have fallen sharply for the past year from $310,000 in September 2017 to $282,000 in September this year, but still making them more expensive on average than houses.
The 2019 outlook for the Rockhampton sales market is challenging, the report said.
"However, with the mining sector in recovery, the pace of the house price falls has generally slowed down,” the report said.
"We expect the house sales market will hit the bottom of the cycle shortly and prices will stabilise over the forthcoming months.
"The unit market, on the other hand, may remain subdued due to the small size of the market and its more expensive nature compared to the house market.
"Rental market indicators have strengthened for the past quarter, showing early signs of a sustainable recovery.
"In 2019, vacancies are expected to remain within the tight and healthy levels as median rents will continue stabilising.
"Although, rental costs will most likely remain below the market peak.”
Listing volumes increased nearly 20 per cent for the year to August 2018 from 1904 in August 2017 to 2277 in August this year.
Despite the large increase in listing volumes, annual sales volumes fell slightly by 2.2 per cent from 813 sales in September 2017 to 795 sales in September this year.
Median days on market shortened a week from 69 days in August 2017 to 62 days in August this year.
Median vendor discount held relatively steady at 8.8 per cent for the past 12 months to August 2018.
The top two performing areas in Central Queensland were out west.
Prices in Blackwater rose an astonishing 123.7 per cent for the year, jumping from $38,000 to $85,000.
Emerald also showed strong growth rising 21.4 per cent as median sales prices lifted from $225,500 to $273,750.