Hi,

Having previously lived in Rockhampton for 20+yrs, I'd steer clear of: Depot Hill and the south ends (flood areas) of Berserker, Lakes Creek (unless aiming at renting to abbottoir workers) and certain areas of Koongal, Rockhampton City and West Rockhampton.  Good suburbs are Frenchville, Berserker (northern end), Allenstown, Wandal & The Range (pricey).  The might be some good buys in Park Avenue & Kawana, but watch for flood zones (PA) and dodgy neighbours (ie: housing commission homes). 

Haven't much looked at Rocky in the past 4yrs (since I sold my house there), but it seems to have not moved a lot (relative to gladstone/mackay) so their could be some good buying.  Speaking to a developer friend up the a few months back, he tells me that doing DA's has become a lot harder to stack up as council recently (last year I believe) massively increased headworks charges in line with state infrastructure legislation – to the tune of $21k per dwelling.

Cheers

Leon