Wandal is a fairly typical Rockhampton suburb, I do think there is some good value in Wandal - pretty stable without too much sharp ups and downs. Prices would be fairly level or even increased a little in the past year, but the rental market is still a bit soft on the back of the increase in supply in other areas late last year. Southern and eastern parts preferable to the northern and western ends as they are closer to the hospital, school, Rocky CBD and up out of the flood zone.
Rockhampton, QLD Which Suburb
- Thread starter cnotoham
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Wandal is a fairly typical Rockhampton suburb, I do think there is some good value in Wandal - pretty stable without too much sharp ups and downs. Prices would be fairly level or even increased a little in the past year, but the rental market is still a bit soft on the back of the increase in supply in other areas late last year. Southern and eastern parts preferable to the northern and western ends as they are closer to the hospital, school, Rocky CBD and up out of the flood zone.
I just bought an old queenslander on 810m block close to schools and hospital for $248k rents 310pw. My thoughts were the range is to expensive so a lot of younger couples are buying and renovating in wandal. I'm hoping anyway!
Prices are pretty flat overall with small increases in some of the older suburbs. Rents are still falling very slowly but have stabilised in the past few months.
When the rents were still rising up until last year, the prices didn't follow and remained flat. Now that the rents are falling back, the prices still don't seem to be moving much. A good demonstration that the rental yield compression theory that some are bandying about doesn't really work that well on its own in reality.
As per one of my previous posts, the oversupply in Gracemere has mostly been absorbed now, albeit it still has an inflated vacancy rate. There's not much being built out at Gracemere at the moment.
A lot of mixed and conflicting info about on Rockhampton at the moment (like any other centre, can't lump the entire city in one basket), given that everybody else watching the region is still focused on Gladstone and Mackay. It's interesting that some are still classing Rocky as a mining town... it's not even close and it has a far smaller presence than in the other two centres.
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norwoodman you seem to know your stuff in rocky,
I just spoke to an agent who decided to try and flog off a depot hill site to me,
They proceeded to tell me about the depot hill levie, and how once it was up, would become as desirable as the other high end suburbs,
naturally most of it was sales spiel, but do you know about this levie, and will it stop flooding in the area?
I just spoke to an agent who decided to try and flog off a depot hill site to me,
They proceeded to tell me about the depot hill levie, and how once it was up, would become as desirable as the other high end suburbs,
naturally most of it was sales spiel, but do you know about this levie, and will it stop flooding in the area?
The levee will be constructed at the cost of rate payers, according to a letter I received from the Council. So it is definitely going ahead!!
On the topic of Rocky, I have an Allenstown Investment Property that I had listed for $249k or offers which rents at $300/wk and couldnt even get a look... Was happy to take $230k however nobody willing to come through.. 20m from School, 50m from Allenstown square..
For Investors, there are good yields available thats for sure. But yeah it has quietened down IMO.
On the topic of Rocky, I have an Allenstown Investment Property that I had listed for $249k or offers which rents at $300/wk and couldnt even get a look... Was happy to take $230k however nobody willing to come through.. 20m from School, 50m from Allenstown square..
For Investors, there are good yields available thats for sure. But yeah it has quietened down IMO.
The levee is still in preliminary design stage and funding for it has not yet been committed to by either the Queensland or Federal governments. It looks likely to happen, however it still won't make Depot Hill flood proof from the worst floods equivalent to the 1918 level.
As per a previous post, flooding is just the beginning of Depot Hill's issues and I still wouldn't be looking there even if it does happen and have 8% plus yields.
There are lots of other areas of Rocky that aren't flood prone or dominated by investors that face the usual cyclical issues rather than fundamental issues like in Depot Hill.
What is your motivation for selling? It isn't really a sellers market around Rocky at the moment.
My only motivation for selling is i would like to fund an owner build project to which I have just made an offer on land.
I have quite a bit of equity in this property. I will see what the banks value it at for useable equity however would have preferred the cash. I thought it was priced right considering a 2bdr property sold next door for $235k not long ago however the market just died. Good rental market for investors though which keeps it viable.
On 1000m2 block also.
I have quite a bit of equity in this property. I will see what the banks value it at for useable equity however would have preferred the cash. I thought it was priced right considering a 2bdr property sold next door for $235k not long ago however the market just died. Good rental market for investors though which keeps it viable.
On 1000m2 block also.
Doober,
Not sure of vacancy rate as a % in Gracemere but last October there were around 240 vacant rentals which has come down to about 130 last time i looked. Still not great but an improvement none the less. My friends place became vacant a few weeks ago and he has already found a new tenant at the same weekly amount.
Unsure of the development side of things as i haven't visited since last October.
Cheers
Not sure of vacancy rate as a % in Gracemere but last October there were around 240 vacant rentals which has come down to about 130 last time i looked. Still not great but an improvement none the less. My friends place became vacant a few weeks ago and he has already found a new tenant at the same weekly amount.
Unsure of the development side of things as i haven't visited since last October.
Cheers
On the development side, the amount of new housing development around Gracemere has slowed to a trickle which has contributed to an improving rental situation in the satellite centre.
On the other side of Rockhampton on the north side, the amount of new development hasn't really changed and is still proceeding at a relatively steady pace - Norman Gardens, Parkhurst. Most of it concentrated around Norman Road and to a lesser extent around Belmont Road. Not a large amount of supply by any means.
Rentals overall across Rocky are steady at the moment, not much change in recent months.
On the other side of Rockhampton on the north side, the amount of new development hasn't really changed and is still proceeding at a relatively steady pace - Norman Gardens, Parkhurst. Most of it concentrated around Norman Road and to a lesser extent around Belmont Road. Not a large amount of supply by any means.
Rentals overall across Rocky are steady at the moment, not much change in recent months.
TaWhy so many people on here talk about gracemere
It's not as if the more established areas of rocky arnt dirt cheap
It's not as if the more established areas of rocky arnt dirt cheap
Gracemere is where a big chunk of Rockhampton's population growth is occurring due to land constraints in the existing main urban area.
The main urban area can't continue growing unless it consolidates as it surrounded by flood plains, lagoons and hills on all sides except to the north (which is the direction it is currently pushing towards).
The population of Gracemere doubled between 2006 and 2012.
I do agree with you that there's better value and more stability in the main urban area than in Gracemere.
Some new info about state of the rental market in Rocky and other QLD regionals. Still weak but improving according to the article. My pm confirms this also.
http://www.propertyobserver.com.au/...tal-markets-weak-mining-towns-worst-reiq.html
http://www.propertyobserver.com.au/...tal-markets-weak-mining-towns-worst-reiq.html
With the exception of Cairns and key South East Queensland major centres, pretty much all of Queensland's main centres have soft rental markets with some parts of Brisbane also now easing up (Logan and parts of inner Brisbane).
Gladstone and Mackay have been hit the hardest, followed by Townsville and then Rockhampton and the Wide Bay centres.
