markpatric said:
Prices in Rocky are going berserker lol, I just read that properties are very hard to buy in Rocky right now as investors are beating locals to it.
Rocky in the last quarter had the highest prices growth in Aussie.
Time for someone to eat crow I reckon.....as they say.
I bought a great house in Park Avenue for $65,000 6 months ago and now the median there is $ 125,000 and rising, how high will it go?, any guesses?.
Seachange, could Rocky possibly match the growth of Logan?.
Markpatrick
If you look at my original post , on the second chart , you will see that normally Rocky is more expensive than Logan. Obviously Logan is more likely to be subject to a change of "status " in the area simply because it is easy commuting to the major city in Queensland. Rocky isn't going to change in it's inherant nature , while Logan can ( though that would be open to debate
)
Most areas have at least doubled in their median price in the current cycle and I would be suprised if Rocky doesn't do that ( from my charts it has doubled in previous cycles ) . I would take that doubling from the peak of the previous cycle rather than from the low of the trough in between. If you bought around the trough in logan , you'd be looking at over a tripling of the value by now . Many houses in logan changed hands in the 50k range 3-5 years ago and there's not much under 170 at the moment.
Previous median peak in Logan was around 80 in the early 90's and now is comfortably over 160.
Talking to agents in Rocky at the moment they report ongoing tightening of the supply and ongoing increases in price. I don't think it's reached any sort of peak as there are still plenty of places on the market . It's just agents up there are used to having more houses available than what they have at the moment. The only price range that there is a shortage of is the under 100 K and the properties in that price range are really " Dodgy Brothers " stock that you'd be silly to touch unless you really know what you're doing. ( these were selling well under 60k when I was looking ).
Median Prices in North Rocky were around 100K at the top of the previous peak so for a median price , then 200k would makes sense as a target , but many people have bought houses that are not of a median price standard. My guess is it would be a highset, in good condition, 3-4 Bedrooms , double garage, without internal stairs, not in flood area and not on one of the busy street.
I've noticed that prices tend to move in steps rather than in a straight line, and my gut feeling is we're about to have a step up in Rocky.
See Change