Queensland's Rockhampton fringes are affordable, but market recovery may take long: HTW

Queensland's Rockhampton has stayed at the approaching the bottom of market cycle for several months now, according to Herron Todd White's property clock -- a simple broad brush means of suggesting where property prices are and the direction they're headed in.

Its April report discusses fringe suburbs. 

Fringe suburbs within the Rockhampton region would include Gracemere to the south, Parkhurst to the north and Lakes Creek to the east. These areas are typically much more affordable largely due to the cheaper parcels of land on offer. For example a spacious brand new four-bedroom, two-bathroom brick home in Gracemere can be anywhere from $100,000 to $150,000 cheaper then Norman Gardens yet can potentially provide the same level of accommodation and comfort, with location and distance to the CBD being the key factor in value.

Rental values are also significantly cheaper in these fringe locations, in some cases up to 40 percent cheaper for similar quality homes. Future prospects see the north and eastern sides of Rockhampton as potential areas for investment, however, Gracemere appears to have an oversupply issue which makes current prices appear good buying, however it must be said that a recovery in this particular market appears to be some time in the making. 

Property Observer looked up a few recent sales in some of the fringe suburbs of Rockhampton.

The median house price in Gracemere was $329,000, according to CoreLogic RP Data. There was no recent data for units. 

A four-bedroom house at 3 Koolamarra Drive Gracemere Qld 4702 sold for $325,000.

In Parkhurst, the median house price was $355,000, according to CoreLogic RP Data. No data was available for units.

A four-bedroom house at 38 Bean Avenue Parkhurst Qld 4702 exchanged hands at the median price.