Guru’s top 20 reasons to buy in Rocky
REAL estate guru and founder of hotspotting.com.au Terry Ryder says Rockhampton is the new hot spot to invest.
And here are his 20 reasons why:
- It has economic diversity and is less reliant on the resources sector.
- It's the administration capital of central Queensland.
- It gets plenty of oomph from its reputation as "the beef capital of Australia".
- It has a military economy, power station, university, plenty of tourism and two big abattoirs.
- It's affordable - considerably cheaper than both Mackay and Gladstone.
- Several suburbs have median house prices less than $250,000.
- It's not hard to find rental returns more than 6.5% on houses.
- There are plenty of older Queenslander-style homes, for people who like to "add value".
- Sales have been rising since late in 2012, with prices starting to follow.
- Long-term growth rates are strong, with most suburbs averaging 10% or more annually for the past decade.
- Considerable spending on infrastructure is under way or planned.
- $250 million will be spent on expanding the hospital.
- Plenty is being invested in property development, including shopping centres and industrial estates.
- A population of more than 100,000 and growing steadily.
- Services a region of about half a million people.
- Unemployment rates improved markedly in recent years.
- A planned $1.2 billion export port (a second port project of similar size was proposed but Xstrata abandoned its plans in May).
- Projects like the $600m development on Great Keppel Island and the expansion of the Keppel Bay marina will help tourism industry.
- Quest Serviced Apartments, which targets locations with growing business traffic, has just opened a new hotel.
- Resources industry workers are settling in the Rockhampton area and going to work on a fly-in-fly-out basis.
Mr Ryder also issued a few cautions about buying in Rockhampton.
"Dwellings approvals almost doubled in the financial year 2013, so investors should keep an eye on vacancies," he said. "And it would pay to check the flood maps before signing a purchase contract."