Rockhampton

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The retail markets in Rockhampton and Gladstone have been similar in their evolution over the years, from their original beginnings in the heart of their respective CBDs, according to the latest Herron Todd White (HTW) commercial report.
The valuation firm took a look at the changing faces in the retail sector across the nation. 
The report suggested whilst retailers continue to occupy these traditional areas, the changing demands of retailers and shoppers, the lack of parking, supply, and general retail economic conditions have resulted in ongoing vacancies within these precincts (East Street and Goondoon Street precincts).
Most tenants within these precincts are now generally local retailers and food outlets supporting the commercial businesses in the area. Rentals within this precinct are substantially less than those within shopping centres and the area therefore attracts new retail and commercial businesses that are sensitive to the affordability of the rental.
The HTW valuers note: "There are a handful of neighbourhood shopping centres that have evolved from the more traditional convenience centres. Convenience centres were typically anchored by a small grocer and supported by other convenience tenants such as butchers, bakeries, fish and chip shops, post offices etc.
"The changing way people now shop, including the introduction of online grocery shopping, and the emergence of the larger players in the local markets has resulted in a number of changes including a shift towards larger neighbourhood shopping centres generally anchored by an IGA, Coles or Woolworths supermarket.
"This has resulted in increased vacancies and issues with rental affordability within the smaller traditional convenience centres. We consider that the retail space will continue to evolve with new challenges created by technology."
As rental levels and affordability have become a critical factor for local retailers and smaller convenience grocers have made way for larger neighbourhood supermarkets, it has also seen a shift in the profile of tenant that retail centres appear to be trying to attract.
In many centres, there has been a slow shift from traditional retail outlets to medical and health focused tenants, who typically can afford the higher rentals that these centres demand.
In terms of what tenants are looking for now as opposed to 10 years ago, some of the most notable items are good exposure, good on-site car parking, disability access and single level tenancies. It is becoming increasingly difficult to lease retail tenancies that have no parking or are in double storey walk up buildings.
"We have seen a softening of rentals in recent years and an increase in incentives required, seen to a greater extent in Gladstone than in Rockhampton as a result of the local market conditions," the valuer noted.
"We consider that these have now stabilised to a new norm, however for tenancies in secondary locations or with poor presentation, leasing is difficult and extended periods of vacancy are being seen." 
A Rockhampton City retail property has been listed for lease with the price of $25,00 per annum (pictured above)
Located at <a href="https://www.realcommercial.com.au/property-retail-qld-rockhampton+city-502968730" target="_blank">300 Bolsover Street</a>, the 210 square metre property consists 60 square metre of cafe, 150 square metre of storage and car park.
Other features include refrigerator display cabinet, stainless steal and cold room.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/10/4/berserker.jpg" alt="">
Another Rockhampton site is now on the market with the sale price of $780,000 (pictured above).
The site situated at <a href="https://www.realcommercial.com.au/property-retail-qld-berserker-502718514" target="_blank">59-61 High Street, Berserker</a> consists of two lots including one with a 653 square metre block of three shops and the other 645 square metre vacant one for lease. 
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Ongoing vacancies in the Rockhampton and Gladstone retail markets: HTW

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Three as-new warehouse/office/showroom buildings have been listed for auction in Rockhampton.
Located at 6 Dooley Street, Park Avenue (pictured above), the buildings are leased to two established businesses.
The tenants are Olive &amp; White Cabinet Making.
Plus Rifen Marine, the largest chandlery in Central QLD which is also a Mercury dealership.
They have both signed onto five year leases until July 2023 plus options to 2028.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/10/4/Dooley%201.jpg" alt="">
The tenants will pay outgoings as per the leases and there are CPI annual rent reviews.
The freehold freehold corner site (pictured above) is 2,691 sqm fully concreted and sealed and has on-site parking for 20 vehicles.
The building area is only 930 sqm.
The net income is advised as $172,200 pa + GST.
The auction is set for October 23.
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Rifen Marine warehouse premises listed in Rockhampton

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When most people think of the Central Queensland economy, they think of the resource sector, particularly coal and gas, according to a recent Herron Todd White (HTW) residential repot. 
The current COVID-19 epidemic is going to have a negative impact on key drivers, so it will be interesting to see what impact this may have on the property market in the short to medium term, the valuation firm said. 
"Yes, it is true that Rockhampton itself is heavily influenced by these two mega industries however in addition to this, the Rockhampton region is considered to be one of the most diverse economies within central and regional Queensland," the valuation firm said. 
The region thrives on a range of other industries including acting as a regional government hub, being one of the top two regional Queensland towns for education services and facilities, a huge agriculture basis and it has always been a long term hub for the railway, construction and defence industries. It is also seen as an emerging tourism destination.
The report suggests this diverse range of employment industries has seen Rockhampton minimise its volatility over the past decade with limited numbers of swings in the property market compared to neighbours such as Gladstone to the south, Emerald to the west and Mackay to the north.
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"After a slowly declining six year period from late 2013 to mid 2019, we have finally started to see the property market respond in a positive way with growth recorded in both sales activity and sale prices across many sectors of the market in the past six to nine months.
"So what’s driving this change, you may ask. Well in hindsight, the catalyst that turned the ship around was the largely unexpected federal election result in May 2019 when unprecedented swings across regional Queensland resulted in a massive boost in confidence to the resource sector," the valuation firm said. 
Production increased during the back half of 2019, creating a wave of new jobs and increased confidence.
"Initially we saw a tightening of the vacancy rates for rental properties which quickly resulted in increased rents. Sales followed suit shortly afterwards," the valuation firm added. 
In more recent times, government infrastructure spending is at an all time high with multi million dollar projects currently underway including the duplication of the Capricorn Highway between Rockhampton and Gracemere, the Parkhurst Highway upgrade, a billion dollar Rockhampton Ring Road project and ongoing Defence Force projects to name a few.
"Of course as I write this the COVID-19 outbreak is impacting the world and Australia. Unprecedented times and its impact is already having a disastrous effect on all levels of the economic front. The extent of its impact locally on the property market is still largely unknown.
"Hopefully the powers at be are making the right decisions in managing this crisis and we all get through this together sooner rather than later." 
A riverside apartment in Rockhampton City was sold for $485,0000 in April.
The <a href="https://www.realestate.com.au/sold/property-unit-qld-rockhampton+city-133093578" target="_blank">505/2-4 Victoria Parade </a>home (pictured below) comprises three bedroom, two bathrooms, open plan kitchen, dining and living area, and two parking spaces.
It features separate laundry, storage space, full-length balcony and views of Fitzroy River and mountains. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/5/18/rockhampton%202.jpg" alt="">
A current listing is a Rockhampton brick home priced at $249,000.
The three bedroom, one bathroom house is situated at <a href="https://www.realestate.com.au/property-house-qld-rockhampton+city-133307910" target="_blank">54 Denison Street </a>(pictured below).
It is situated close to hospital buses and shopping centres. 
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<div>Note regards COVID-19</div>
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This edition of Month In Review had its topic defined in late February with submissions from our offices collated through to late March. During this period, shifts in the social and economic landscape due to COVID-19 became increasingly dramatic, as demonstrated by the varied information provided by offices over the course of three weeks. 
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<div>This month’s residential theme on baseline property market drivers remains a common thread, and provides an indication of what influences to monitor as the property sector recovers post-crisis.</div>
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The impact of COVID-19 pandemic on Rockhampton property market remains unknown: HTW residential 

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Over the past month, residential property in the Rockhampton region (including the Capricorn Coast) has continued to tick over, with properties still being listed and sold despite the global pandemic, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm suggests in locations across the nation, the downtime delivered by isolation has spurned on owners looking to improve their assets through maintenance and upgrade. This month’s HTW report highlights where renovations are on the rise and the price points and outcomes those markets can expect.
The report notes there has been no evidence to date of a decline in values, in fact, some sectors of the market are continuing to improve slightly (i.e. modern, well presented homes on the Capricorn Coast).
"Regionally, we have been fortunate to continue with a very small number of COVID-19 cases which, combined with the recent easing of restrictions, is likely to support this trend to continue should the number of cases remain low in our region," the valuation firm said. 
Over the past 12 to 18 months in particular, there has been a notable increase in renovation projects in a small sector of the Rockhampton market. 
Generally, small pockets of South Rockhampton, such as The Range, Allenstown and Wandal are sought after for their proximity to the CBD, schooling, hospitals and elevation available in some areas to provide city views to the east or vast hinterland views to the west.
However, given that the south side is characterised by Queenslander style homes and there is no room for growth or expansion due to the area being surrounded by flood plains, renovation presents the only option for those in the market wanting both southside convenience and contemporary living, the report noted. 
"In the balance of the market, renovation activity is generally holding steady, with some basic dwellings receiving a renovation to then be on-sold," the valuation firm said. 
This has started to occur after a period of very limited renovation in the low to middle sections of the market and this change is considered to be a combination of low interest rates, a preference by first home buyers to want properties with nothing left to do and a consistent, moderate upturn in the local economy.
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Whilst the majority of the renovations seen are by long term owner-occupiers entering into a major renovation to create their forever home, there are a number of investors picking themselves up a bargain and completing a simple renovation (i.e. no structural changes) to then resell with the intent of turning a profit in a market which is starting to recover from an extended period of no capital growth.
There has been a number of sales evidenced over recent months where a building company has purchased a rundown property in an average suburb, renovated, professionally styled the home and resold at an expected profit with a short turn around.
"Styling and presentation is a key factor linked to the level of profit made. First home buyers still prefer new homes, however there are some who end up buying these more affordable, renovated existing homes with nothing left to be done," the valuation firm said. 
Buy in price points for renovators vary greatly. From sub-$200,000 for the investor-renovator through to $600,000 for the long term owner-occupier- renovator. End values then vary just as much.
The added market value of basic renovations tends to match cost and when the market is starting to recover, a small profit may be had, the report suggested. 
When a major renovation is undertaken however, it is a very different outcome. There is little to no evidence that the added value of the renovation will match or exceed the cost to construct.
"This is where it is important to be aware of the market in which you are renovating to determine where renovation dollars are best spent. Is it wise to make structural changes to the home or stick to cosmetic works only?
"A dwelling with a poor layout would benefit from a structural change to rectify, however if the existing layout is functional, that money may be better directed elsewhere," the valuation firm said. 
The report suggests being aware of town planning is also important when planning a renovation, particularly in older areas where perhaps a heritage overlay or neighbourhood character overlay is required to be complied with.
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For Rockhampton in particular, the renovator market is likely to continue the current trend as factors that drive the decision to renovate are considered a constant in the local market.
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 A renovated family home in West Rockhampton has recently been sold for $290,000.
The four bedroom, one bathroom house is situated at <a href="https://www.realestate.com.au/sold/property-house-qld-west+rockhampton-133516998" target="_blank">33 Stickley Street </a>(pictured below).
Renovated inside and out, the home features new roof, timber flooring and new hot water system. 
It was last sold in 2005 for $190,000.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/6/22/rockhampton%202.jpg" alt="">
 
A classic Queenslander in Lakes Creek with renovated kitchen and bathroom is currently on the market with a price guide of $350,000 -$2380,000.
The three bedroom, two bathroom house is situated at <a href="https://www.realestate.com.au/property-house-qld-lakes+creek-133783858" target="_blank">604-606 Montgomerie Street</a> (pictured below).
It comes with open plan living, dining and kitchen, rear deck and rumpus room. 
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Rockhampton renovation activity holding steady: HTW residential 

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2019 to date has seen some improvement across the Rockhampton and surrounding residential markets, according to the latest Herron Todd White (HTW) residential report.
The report notes that the rental market has improved with a significant decline in vacancy rates resulting in a slight increase in median rents across most sectors.
In terms of sales activity the top end of the market ($700,000 and above) has been on fire in recent months with a new record price for a residential house coming in at a touch under $1.8 million.
There has also been a larger than average number of sales occur between $900,000 and $1.3 million which is well above average for the number of sales in this sector, having only averaged about two to three sales per annum in recent years.
A fully rebuilt five bedroom house at The Range with views over the city and mountains has been recently sold for $1.3 million. 
Sitting on a 1,809 square metre landscaped yard, the house at<a href="https://www.realestate.com.au/sold/property-house-qld-the+range-130927290" target="_blank"> 102 Caroline Street</a> (pictured below) comprises open plan living, kitchen with butlers pantry, master suite, and four additional bedrooms.
Other features include entertaining area, inground pool, office nook, solar water and triple garage. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/7/1/the%20range%201.jpg" alt="">
The mid-range sector of the market ($250,000 to $400,000) is tracking reasonably well, especially owner-occupier homes which have been well maintained and well presented.
"Rental properties on the other hand are often much more difficult to sell as they generally take longer and are often sold at a higher discount," the valuation firm said. 
The lower end of the market (sub-$200,000) still appears to be under duress, with a high number of listings of inferior quality stock.
This has continued to keep prices down and recovery in this sector still seems to be some way off however on a brighter note it does appear as though the number of bank re-possession sales is on the decline.
"Also of note is that new housing construction seems to have been somewhat buoyant in the first half of 2019, with Norman Gardens in particular seeing an increase in new homes compared to the same periods in 2017 and 2018," the valuation firm said. 
A Norman Garden master-planned estate display home is currently on the market with $445,000 hopes. 
Set on a 526 square metre lot near bushland pockets, the display home at<a href="https://www.realestate.com.au/property-house-qld-norman+gardens-131461622" target="_blank"> 1 Chestnut Avenue </a>(pictured  below) comes with four bedrooms, study/office, open plan kitchen, dining and living area, and double lockup parking. 
It's located about 12 minutes to city centre.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/7/1/norman%20gardens.jpg" alt="">
"In summary, we feel the local property market has hit the bottom and is in the process of recovery.
"In terms of performance, we think the first half of 2019 would rate as a six out of ten and hopefully this continues to improve throughout the back half of 2019." 
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Rockhampton residential market in recovery: HTW residential

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Property around Rockhampton is showing good value for money in comparison to previous years, according to Herron Todd White.
Herron Todd White's Month in Review for October said due to the downturn in the mining industry and lack of investors, purchasers are now seeing property offering good value for money compared to a number of years ago.
With the downturn in the mining industry and lack of investors, low priced, entry-level markets and some mid price properties are now seeing more activity than the higher priced markets.
Such areas include Depot Hill and Rockhampton City on the south side and Berserker, Park Avenue and areas of Koongal in the north.
"Entry level buyers can pick up property now in the low to mid $100,000s which may or may not be in a flood prone area," it said.
"These are generally older style dwellings with limited ancillary improvements and vary in condition. 
"Cheaper priced properties of better quality and generally out of flood areas can be expected to achieve up to around $250,000."
 
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Entry level, mid-price Rockhampton market showing promise: Herron Todd White 

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A large land parcel in Queensland’s Rockhampton region’s agricultural sector is up for sale through auction, the second time in 70 years it will trade hands.
Clifton — a land parcel sprawling 16,000 hectares (plus 4,122 hectare Forestry Lease) with a combined cattle carrying capacity of approximately 4,000 Adult Equivalents, has been listed by CBRE Agribusiness’ Geoff Warriner, Chris Holgar and Thomas Warriner. The auction is on April 21.
Located close to Rockhampton – Australia’s beef capital – the holding comprises a mix of land and soil types suited to diverse uses. It is subdivided into nearly 20 paddocks.
“This premium property represents an outstanding opportunity for new entrants into the beef industry through to existing industry participants, representing size, scale, diversification and affordability close to Rockhampton,” said Geoff Warriner.
The property’s proximity to Rockhampton is expected to draw strong investor interest. 
“The opportunity to acquire a property with scale and scope for expansion in one of the most keenly contested sectors of the agribusiness market will no doubt attract a wide range of interest from both domestic and foreign investors,” Warriner said. 
“Furthermore, Clifton’s location, quality and soil types lend favourably to further development in order to capitalise on its proximity to end markets.” 
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Land parcel close to beef capital Rockhampton under the hammer

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Queensland's Rockhampton is approaching the bottom of market according to HTW's property clock for March, which also predicts that 2016 won't be an easy year for the city and surrounding residential markets.
The valuation firm also discusses the impact of gentrification on the city. 
HTW's property clock is a simple broad brush means to suggest where property markets are and what direction prices are moving in.
<a href="/images/2016/03/17/Screen%20Shot%202016-03-17%20at%209.55.26%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/03/17/Screen%20Shot%202016-03-17%20at%209.55.26%20AM.png" alt="">
 
After a tough 2015, confidence still appears to be down, with many resource and associated service industries still dealing with tumbling commodity prices and a declining workforce.
The lower end of the market (sub $300,000) has experienced some of the worst declines in value across the region with a significant number of mortgagee sales recording drops in value from 20 to 40% against their previous sale prices which can generally be any where from one to eight years prior. The worst affected areas include Gracemere, Zilzie and older established suburbs of Rockhampton such as Depot Hill, Berserker and Park Avenue. 
This has largely been the result of a mass exit of investors leaving the market reliant upon first home owners and lower income buyers with substantial budget restraints. 2016 will be another tough year for the localities and as such they should be treated with caution however at the same time they may present opportunities should we reach the bottom of the property cycle, but as always this is something very dif cult to ag at the time. 
Better quality localities and properties where owner- occupiers are active in the medium price range ($300,000 to $500,000) appear to be holding their values. Suburbs include large areas of the Capricorn Coast, Norman Gardens, Frenchville and Wandal. Despite these areas holding well, it is unlikely that they will experience any substantial gains in value throughout 2016.
Medium to high-end properties above $500,000 have been also holding relatively well and include suburbs such as Rockyview, parts of Norman Gardens, and The Range.
In terms of gentrification, Rockhampton has been going through it since late 2005 when the first high-rise unit complex in over 30 years was completed along the river bank.  
Since then there have been an additional six high-rise unit complexes completed comprising a mix of permanent and short term accommodation and of late the addition of various restaurants and cafés in the Empire and Edge buildings which were both completed in the past five years. Victoria Parade and Quay Street have become the heart of the city and this is supported by Council’s recent announcements regarding the funding and approvals for the Rockhampton Revitalisation Concept Plan, which focuses on the Fitzroy River from Quay Street to William Street.
A set of new pathways, landscaping concepts, memorial and historical features are all incorporated into the project. Rockhampton has seen an increase in the number of small cafés and boutique shops with a noticeable increase in alfresco and street side dining areas. 
Within Rockhampton city itself there is a slow but gradual phasing out of old timber and fibro dwellings and replacement with more modern charismatic small and compact unit developments, often available for under $300,000. Given that the current economic climate is considered to be somewhat weak, this process may take some time however the diversity of the local economy is sure to keep the gentrification process ticking over.  
As an example of a sale, a three-bedroom apartment at <a href="https://www.realestate.com.au/property-apartment-qld-rockhampton+city-110897251" target="_blank">303/6 Victoria Parade Rockhampton City Qld 4700</a> went for $433,000.
 
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In summary, 2016 sees many challenges facing the Rockhampton market and values will be dependent on a range of factors including the mining/resource industry outlook, state and local council initiatives and on a positive note the local agricultural industry, particularly beef is experiencing record cattle prices which are forecast to continue and will no doubt act as a positive indicator for the region. 
 
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Rocky year ahead for Rockhampton: HTW

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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 <a href="https://www.realestate.com.au/property-house-qld-gracemere-120863057" target="_blank">3 Koolamarra Drive Gracemere Qld 4702</a> sold for $325,000.
<img src="/images/2016/06/01/Screen%20Shot%202016-06-01%20at%202.30.48%20PM.png" alt="">
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 <a href="https://www.realestate.com.au/property-house-qld-parkhurst-119948709" target="_blank">38 Bean Avenue Parkhurst Qld 4702</a> exchanged hands at the median price.
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Queensland's Rockhampton fringes are affordable, but market recovery may take long: HTW

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A $24 million high-end apartment complex in Victoria's Rockhampton, overlooking the Fitzroy River, has been completed.
Located on Victoria Parade, the 10-storey building named Southbank on Victoria comprises 55 apartments, including one, two and three-bedroom units, said a media release.
Designed by Australasian architecture firm The Buchan Group, the development on a site area of 7,500 sqm represents the ongoing rejuvenation of Rockhampton’s residential unit market.
The Buchan Group was appointed in August 2012 to work with local property developer Griffin Builders to bring provide architectural, interior design and graphics expertise to the project.
The Buchan Group’s senior associate Paul Watson said the waterfront high-rise set a new benchmark for apartment living in Rockhampton.
“The Buchan Group team worked on sophisticated designs that incorporated the bold and linear edges of Southbank on Victoria’s external façade frame, with modern, interior elements highlighting the city’s growing cosmopolitan lifestyle,” he said.
“As the original concept for the block changed over the project life, we reduced the density of the development to maximise efficiency and consciously mirror the ambience and serenity of the nearby waterfront, city views, and parkland settings."
 A majority of the apartments were shown to be sold on the project's <a href="https://www.southbankrockhampton.com.au/southbank_availability" target="_blank">website</a>. Among the ones left, the two-bedroom apartments start at $390,000.
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