The month in review: Regional QLD
By Herron Todd White
As stated in 2014, a lazy half a million would buy an above average quality, modern home on an allotment generally greater in size than 800 square metres in the modern suburbs of Kirkwood and New Auckland. We also stated that older, more central suburbs such as Gladstone City, West and South Gladstone offer older style, fully refurbished homes of above average size and quality and generally with district or harbour views for $500,000.
In 2015, half a million dollars will still buy these property types in these locations however transactions are very few and far between. These properties generally have easy access to urban services including schools and shops and are usually purchased by owner occupiers.
Most of the activity in the current market is occurring within the $300,000 to $400,000 bracket. Property in this price range comprises a mix of older housing in well established suburbs with good infrastructure and modern, average quality homes in new estates.
It has been twelve months since we looked at what you can get in the Rockhampton area for a lazy half million dollars. Not much has changed in this price bracket. While we have seen a softening in the market in the lower price range houses in the higher price range of $500,000 plus have been tending to hold their values.
To recap, the areas in which you can look at spending this sort of money depends on what type of property you are interested in. For an older style house you would be looking in the suburb of The Range on the south side of Rockhampton which is close to most of the major facilities in Rockhampton. This price range will get you a nice older style dwelling that is generally partially renovated.
Also on the south side we mentioned that two highrise unit developments were due for completion at the end of 2014. These developments have been reasonably popular and there are still some options available but are becoming close to fully sold.
The north side of Rockhampton provides buyers an opportunity to buy a more modern dwelling with Frenchville and Norman Gardens being the areas in which $500,000 properties are generally found. These properties are mainly onground dwellings of 3- to 4-bedrooms.
For those looking for a bit more land to put the shed or pool or to be further from your neighbours, the areas of Rockyview, Gleenlee and Glendale provide a rural residential lifestyle where for around the $500,000 you will get a more modern home about five to ten years old with a shed.
The majority of property for $500,000 in the Rockhampton area is generally purchased by owner occupiers. However those investors looking in this price range can expect to get about $450 per week for a more modern dwelling in the Frenchville or Norman Gardens area while an older home on The Range could achieve between $450 and $500 per week.
Again we get to see what the lazy half million dollars will get you. Last year we stated that you would get a lot more bang for your buck than the year before and 12 months later you can now get even more! If you are a glass half empty type, then the Mackay market has seen significant falls in value on the back of the mining downturn in the Bowen Basin. Values across the board are down 15% and fast approaching 20%. However, if you are a glass half full type, then the current market presents some of the best buying opportunities seen in Mackay in almost ten years. The big question is has the market hit bottom? Unfortunately that is a bit tricky to establish at present and only time will tell.
For half a million dollars we stated in 2014 that you could get a new and fairly large executive style home in the northern beach suburbs of Blacks Beach, Eimeo, Rural View or Bucasia. For the same price, new but smaller, 3- to 4-bedroom homes could be acquired in the inner northern suburbs of Glenella, Mount Pleasant, Andergrove or in the newer area of Ooralea to the south. As at June 2015, the same applies, however for half a million, the dwellings are now bigger and you can get a shed and pool included for the same price!
In 2014 we stated that older style dwellings in all the established suburbs of Mackay can be found under $500,000, these dwelling being refurbished internally and externally and will usually include shed or pool. In 2015, these dwellings are well under $500,000 and for a lazy half million you will get a large fully renovated Queenslander.
You can buy large modern units at Mackay Harbour or the CBD now for $500,000 and less.
A lazy half million in Emerald will open up approximately 80% of the market to you and enable you to buy a very good quality home and even some acreage. The market between $150,000 and $300,000 is currently where most the activity is. With a serve contraction in values over the past two years a quality home under $500,000 is now very real, however remember that values don’t appear to have bottomed yet.