Rockhampton's attractive unit market falling in floor space: Herron Todd White
A significant boost in unit construction since mid 2005 has seen six major complex built along the Victoria Parade river front in Rockhampton, however over time the average size of units has decreased due to a focus on the bottom line, according to Herron Todd White.
Herron Todd White's September Month in Review noted smaller units equals more units and these have proven to be very attractive to the market.
"Despite the significant boost in unit numbers over the past ten years the attached residential space still reflects only a very small percentage of the entire Rockhampton and surrounding residential markets," the review noted.
"This has been a key factor in the successful marketing and solid sales rates which have enabled these developments to get out of the ground.
"In 2005 we saw large spacious 3-bedroom units (160 square metres plus) selling from $330,0000 off the plan compared to Empire where much smaller 1-bedroom units of 50 plus square metres have sold for $330,000 off the plan.
"Looking forward the notable downturn in the resource industries across Central Queensland and general lack of confidence across the market may result in an extended period where the Rockhampton skyline remains unchanged for some time into the future."
