Would like some advice on investing in Rockhampton. Which areas are good?
Unit or house? Looking at cheaper end of market under 300k. I am considering a 2 bed new unit
in Berserker in a block of 20. Would a unit in a large block gain as much capital growth as a similar
size/price unit in a smaller group eg 4 on the block? Or would this make no difference?
Also body corp fees- what is a reasonable amount to pay? ($25 a week for this unit).
Thanks for any advice.any advice from anyone?
Hi Wendy,
I have been living in Rockhampton for about a year now after moving down from Mackay. To be totally honest at this point in time I think you are much better investing in a house in rocky. From what research I have done there doesn’t seem to be the same quantity of units in rocky as there are in other similar sized cities, in comparison with mackay for example.
Depending on your budget, you can get some very good houses around the $300k mark which with a bit of cosmetic work will get you a rental return of around $400/week. My preference suburb wise is the range, Allentown and wandal on the south side. These suburbs are close to the two grammar schools, three hospitals, two smaller size shopping centres and the centre of town.
In my opinion the north side of town is overrated, Norman gardens and frenchville are the areas to pick from on that side but at peak hour it can take half an hour to get from the north side to the south side. To urban folk this may sound like heaven, but when you live in a regional centre, if anywhere in the same town takes any longer than thirty minutes to get to it better be worth it.
The central qld uni campus is on the north side which may make glenmore and park avenue worth a look.
If you have your heart set on a unit my personal opinion would be to stay away from the forty unit complexes, you can pick up a 2*2 duplex in the $300-$350k range which with a little spruce up you could stretch to rent each side for $200/week+ depending on condition and location.
There was a good article on Rockhampton in the most recent API Magazine, there were a few little truths stretched but overall it was good article. Rental demand is starting to increase in rocky due to Gladstone demand exceeding supply, the overflow is forcing people to reside in rocky and commute to Gladstone. I have spoken to a couple of reputable local RE agents recently who expect capital growth to kick start in the second half of 2012. Not an astonishing prediction but just confirmation that there are good signs ahead for rocky.
I was born and bred in mackay which has seen an enormous amount of growth and development in the last ten years, rocky actually reminds me of mackay ten years ago. There is a large industrial development planned for gracemere which is about ten minutes west of rocky, about half a dozen new estates opened up out there but beware, mass produced housing with mediocre finishing and mirror imaged housing not just down the same street but throughout an entire estate. I rented in gracemere prior to moving into rocky and I estimated that 90% of the houses were rentals.
Wow, was only going to write a quick reply. Happy to answer any further queries if you have any.
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