Property valuers reveal unsung hero hot spots in CQ

Herron Todd White property valuers discuss which sectors of the market offer good buying compared to others at present.

Herron Todd White has released its Month in Review for May 2021. Picture: iStock

Property valuers have shone a spotlight on unsung hero hot spots in Central Queensland regional centres in a national property report.

Herron Todd White’s Month in Review for May 2021 continued to list Rockhampton, Gladstone, and Emerald as rising markets, and noted the demand for new houses in the regions was still strong, while highlighting the trend in new house construction was declining.

Herron Todd White property valuer Cara Pincombe reported that with Rockhampton experiencing strengthening market activity and prices, it was difficult to definitively identify unsung hero hot spots.

Although, Ms Pincombe reported there were small sectors of the market which offered good buying compared to others at present.

“One example that comes to mind is the comparison of two south Rockhampton suburbs, The Range and Wandal,” she reported.

“Both of these suburbs are developed with similarly aged dwellings, with some elevated sections offering hinterland views to the west or city views to the east and both suburbs offer similar proximity to all major services such as the Rockhampton CBD, a number of highly regarded schools and public and private hospitals.

“Wandal however, has a median house price over the past six months of $315,000 versus $395,500 for The Range over the same period.

“Over the past 12 to 18 months, Wandal’s price ceiling has improved to now be in the mid $600,000s.

“The highest sales at The Range are generally around the mid $1 million.

“Therefore, while a number of characteristics of both suburbs are quite similar, there is a notable difference in value levels.”

She reported another sector of the market that presented relatively good buying was North Rockhampton suburbs Frenchville and Norman Gardens.

“The older sections of these suburbs have typically been developed throughout the 1970s and 1980s with average quality highset homes providing three-bedroom accommodation,” she reported.

“This product has historically always attracted tenants and first home buyers with ease and provides buyers an opportunity to value add by modernising fit-out or adding ancillary improvements such as a shed and has the benefit of being within a shorter commuting distance to the CBD.

“Older areas such as Berserker are also well located for tenants with proximity to major shopping facilities and public transport.

“Homes in this area are typically of the 1940 to 1960 era and there are many that would benefit from renovation and maintenance.

“Buyers prepared to enter the market at this level and complete renovations are likely to see a shift in the area over the long term as the region expands.”

She reported one other area to watch was Parkhurst.

“The Rockhampton Ring Road is a major infrastructure project currently underway and completion will improve accessibility between the south side of Rockhampton and Parkhurst,” she reported.

“There is a sector of the market which this improved accessibility will appeal to.”

Herron Todd White associate director Regan Aprile reported with the Gladstone market running hot with heightened activity across all suburbs, the only suburb that sprung to mind as an unsung hero was Boyne Island compared to Tannum Sands.

“The two suburbs adjoin each other and are only separated by a bridge over the Boyne River,” Mr Aprile reported.

“Boyne Island is surrounded by the Boyne River and Tannum Sands is a beachside suburb.

“They both have good access to schools and shopping facilities, the river and beach and major employers, however Tannum Sands has always held a premium in value over Boyne Island.”

He reported other suburbs in Gladstone that offered good buying for future growth were South Gladstone and West Gladstone.

“These areas have always been prime locations for unit development given their proximity to the CBD, shopping and schools,” he reported.

“While the market is not yet at a stage where new unit developments are feasible options, the way the market is heading, it shouldn’t be too long before we start to see greater activity in this sector.

“To that end, any larger lots of at least 1000 square metres in these suburbs that have a current zoning of Mixed Use or Medium Density Residential would represent good buying for future redevelopment.

“The current low vacancy rates and rising rentals would also ensure a good holding income until such time that the market is ready for redevelopment.”

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Originally published as Property valuers reveal unsung hero hot spots in CQ