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My perception it that the move had mainly happened before the publication ( or widespread distribution of ) of Steve’s Book.
There has been an awareness of the possible benifits of cash flow positive properties for a while, and Rockhampton is ( in the discription of one of the agents I talk to ) about the last major town in australia to move.
Kent St is central to the south and I looked at a couple of houses there , though I didn’t buy there. I found the agents were devided in their opinion about the central / south area. Some liked it and thought it had potential , while others much prefered the north side / berseker for inner areas. All of the agents said avoid areas around the town hall as there are “ethnic related issues ” in the area. The one I looked at closely in Kent street was pushed as being Res B zoning ( medium Density ) though subsequent investigation at council revealed that the block has to be ( ? ) 18 Metres wide before you can actually redevelop it. The ones I looked at there wern’t.
There is a strip to the North of the river , along the highway which is about to be rezoned to higher density . When I was looking there didn’t seem to be a premium for buying in this area. The returns were the same as else where. Time will tell whether this area will appreciate more because of the rezoning . ( I hope so …
)You can gewt a flood map of the council , which is well worth the investment. There are three different flood maps you can get, and insurance is based on the 1 in 100 flood map
While many places hit a wall with the interest rates , rocky only seemd to pause briefly , and prior to Christmas , all of the agents I talked to weere complaining about lack of listings. Like many areas , the acid test will be what happens in the first couple of months of this year.
One intersting personal observation is that we’ve had NO problems with tenants in Rockhampton ( So far , fingers crossed ) , which makes a nice change from logan, though as a result of our experiences in logan we have bought slightly nicer houses in Rockhapton , compared with the ones we bought in Logan.
There is an extensive Post on Rocky on the Somersoft forum in the where to buy section
I hope it’s ok to post the link here.
http://www.somersoft.com/forums/showthread.php?s=&threadid=11656
I know numerous people who have bought there over the last year or so . The market has moved about 20% since we bought, and IMHO still has a fair way to go .
Be aware of flood prone properties, and some of the agents up there are of dubious quality . I have been told places weren’t flood prone when they were.
I would be wary about buying sight unseen.
Richomnd has bought several properties up ther and keeps a close eye on the market.
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