Hi guys,
Just wondering if anybody has invested in Rockhampton recently, been watching the market or had properties there for a while.
I did a search of the forums on Rocky, but there hasn’t been much for a while, so just wondering if anybody has had any recent experience or thoughts on the area?
I did a bit fo research to buy an IP in Rockhampton about 7,8 months ago.
My budget was about $100,000, and I still saw several properties under $100,000 at that time.
And then one magazine (was it Your Mortgage?) put Rockhampton as a hottest area, and after that property prices went up a lot.
One investor from Rockhampton said to my husband, “Lots of investors rushed in to buy properties and the price went up so much in 2 weeks. But they are buying in “flooded area”
without knowing it.”We have just bought two properties in Rocky after discovering a very tight rental market when our son was looking for a unit to rent. It appears that the tight rental market is due to the opening of the new meatworks and the boom in mining. Our properties are also within walking distance to the Uni providing us with the opportunity to rent by the room. we are very happy with the rental yield.
All the people who I know ( myself included ) who have bought in Rocky ( in 2003 ) are in profit taking mode at the moment. I don’t know anyone who is buying there at the moment. I would be very much suprised if you could get cash flow positive properties.
There is a long thread on Somersoft re Rocky
http://www.somersoft.com/forums/showthread.php?t=11656&highlight=Rocky
At the prices we bought two years ago , our properties were not cash flow positive ( though we bought ” nicer ” properties than many people I know who bought there at the time. We have made a good capital growth , but looking at past historical data , when Rocky stops it seems to stop and go back fairly quickly so I was happy to get out while the market was reasonably strong ( which I think it is ) before it peaks.
See Change
Thanks for the responses guys it has really helped. See Change that link you provided was awesome, thankyou very much.
I’m leaning further and further away from Rocky invesment wise the more I see and hear. Just have a look at this disgraceful opportunity;
And deals like this are plentiful at the moment…[ohno2]
Why is it disgraceful?
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