those who bought their $50 – $60k houses in Rocky 18 months ago despite some of the naysayers might like this article [biggrin]
Our economy is booming
By EVAN SCHWARTEN FROM the Bowen Basin to the Capricorn Coast, Central Queensland is booming.
There is massive expansion in the mining districts west of Rockhampton, high cattle prices and a bullish property market.
The economic growth has also spread to local retail and service industries. Politicians, economic and industry experts and business people all agree the region is steaming ahead.
“Central Queensland is performing better than it has in many years, with the meatworks and mines expanding, weâ€™ve got low unemployment levels and weâ€™ve got a coking plant set to open at Stanwell, Member for Rockhampton Robert Schwarten said.
JM Kelly Builders managing director Geoff Murphy agreed: “Central Queensland has always done well. It is just doing better at the moment.â€™â€™
The massive growth across all sectors is sending pay packets through the roof with many mine employees earning more than $100,000 per year.
The growth has driven the unemployment rate down with Queenslandâ€™s jobless rate now just 4.6%. As a result of that growth, mining machinery sellers Hastings Deering has nearly doubled staff in its Rockhampton branch to 220, and is planning a $6 million redevelopment of its Port Curtis Road facility.
And you only need to look inside the massive 36-page Property Week guide in todayâ€™s Weekend Bulletin to gauge the strength of the local real estate market.
Real estate agent Kas Woch says it is nearly impossible to buy a house for under $120,000 in Rockhampton, while at the higher end of the market some properties on The Range are now selling for more than $1 million.
In the city, an eight-level unit complex in Victoria Parade last year sold within months and the developer plans to build a bigger complex a few blocks away.
In the hospitality industry, Motel 98 recorded a whopping 35% growth last year while Rockhampton Tourism and Business Information manager Barbara Harwood said two new motels are on the cards for the city.
To top it all off, most stakeholders say there is no end in sight for Central Queenslandâ€™s booming economy.
Rockhampton Mayor Margaret Strelow said: “I donâ€™t think this is a flash in the pan. All indicators point towards sustainable on-going growth. Our time has come.”
…and not a VI in sight![blink]kay henryMember@kay-henryJoin Date: 2003Post Count: 2,737
Ahhh, good on ya richmond and all else who bought in Rocky. You obviously made good choices
Richmond- you got any ideas on what might be the next Rockhampton?
Second question: Would you sell up a Rockhampton property to realise the CG? Or would you keep it?
kay henryaussierogueParticipant@aussierogueJoin Date: 2003Post Count: 983
looks good – yep the mining industry is full steam ahead..
howdy kay, long time no write…
Since the ones I’ve got there are all old-ish, I reckon I might sell a couple or maybe all of them and realise quite a bit of CG to put into something that’s going to have better returns, but not just yet… there’s a little way to go I reckon before I cash out…
As for your first question, at the moment I have no idea, I’m looking around, but the deals don’t make much sense… there are better investments elsewhere… I’m keeping my eye on prices in inner Melbourne however, perhaps I’ll use my CG from Rocky and elsewhere to buy some good stuff there… to be honest I’m a bit preoccupied getting the house ready for the impending bub.
what’s your point foundation? VI = Vested Interest?
This is a property investment forum, if I’m sharing info on a place I’ve bought, that’s fine isn’t it?
rscullymanMember@scullymanJoin Date: 2004Post Count: 43
Ok…so if everyone is buyin’ in Rockhampton. How about someone buy one and do a lease option with me. I want a decent one though.[cap]Ambo72_2Participant@ambo72_2Join Date: 2004Post Count: 102
We’re currently looking at Rocky, but what exactly is a lease option?[blush2]
I didn’t have time to write a full reply. I was pointing out that the article is a thinly veiled promotion by a vested interest (the newspaper) for a vested interest (the RE advertisers) who are the main source of income for the newspaper. I wasn’t in any way referring to your good self, and I congratulate for your successful speculation.
I particularly liked the statement:And you only need to look inside the massive 36-page Property Week guide in todayâ€™s Weekend Bulletin to gauge the strength of the local real estate market.
no worries foundationemcdonaldMember@emcdonaldJoin Date: 2004Post Count: 162I was pointing out that the article is a thinly veiled promotion by a vested interest (the newspaper) for a vested interest (the RE advertisers) who are the main source of income for the newspaper.
agree foundation, funnily enough when i read the article i realised the guy who wrote it (Evan Schwarten) was someone i went through uni with. It’s a small world..even smaller when you come from rockvegas [blush2]HutchMember@hutchJoin Date: 2004Post Count: 137
yeah well done richmond!
good to hear success stories.
I had the same warm and fuzzy CG feeling from local media articles after I bought in Yarraville, Victoria some six years ago.
just come back from a weekend of renovations in Rockhampton, do have quite a number of properties up there, but in all honestly i can’ find anything that is cheap.. there is so much demand.
though i hold quality homes, with excellent returns, i spent the 4 days looking at property, though only northside rockhampton, there is alot of growth left.. though.. being a large regional area..
you really do have to look hard and know the area quite well…
That demand you speak of, do you have a feel for whether it is driven by property speculators or long term residents?
its truly, being driven up by demand, they are opening up a new plant up there, and have hired a somewhat figure of 3000 employees, they dont have the residential property to cope with the demand of people, moving into the area, not enough rentals, people holding on, to take the bigger profits that are coming in.
other industries that have open up and employing more people.
* this is how big the demand is, i bought a property back last year, that settled in January, 2 storey brick home, purchase price of $120,000.00 ( rental-$110 pw)
* today – 3 months later market pice $160k – $170k (rental – $190 per week)
thats just a simple example, but you can see the powerful growth and demand there is, there is just not enough supply at all.
though i had been studying this area and have been there on numerous trips and all, if you can still buy cheap, definetly accumulate, personally for me, i dont sell my properties at all, but i may in Rockhampton, if someone wants to offer me a riduclous crazy over the top price, but also as a suggestion, if your buying up in Rockhampton, your best to stick to the northside, in your property purchases.
siswealth4life.comMember@wealth4life.comJoin Date: 2003Post Count: 1,256
Hi Sis – tell me about your stock experiences of late, and how are you going mate??
have been loving this stock market, i did the wise thing, i took most of my money out of the stock market, and been buying puts.. have been shortening the market, but apart from that, i was very certain the market was gonna drop heavily last week, only due to one simple factor, 34 companies, (mainly blue chips) were all going ex-dividend the same day, and that the previous night before hand, the dow, dropped over 100 points.
though overall, im still in, not too worried in which direction the market goes, though ive improved my trading strategies as of late, by using a lot of sms alert services + pocket watch services.
though im back into property again, concentrating on it, but also attending alot of seminars, of lately and hopefully heading down to sydney for the property expo…
other than that.. i sit very patiently and quitely and slowly make moves.. and wait for the market noise too quiten and cool off.. then make moves back in again…
sisSanduneMember@sanduneJoin Date: 2003Post Count: 4
Rocky Coast: I am currently reading all the media hype in The Bully lately and have recently sold out from Capricorn Coast. Purchased land April 2003, Sold Jan 05. Probably sold a little too early but took the money and bolted – (as entered the game early.)
Now looking for new area. Where to from Rocky ?
I am sure many are out shopping with their new boom dollars and probably won’t talk until after the deals are done. I am guilty of that in previous time.
Will i go north or south of Rocky ? Interested to know of any others who have bailed from Rocky at this time ?