Hi Thea, please see following property presentation. Both tenancy agreements are to expire within August and October. This will then allow the new owners to charge market rent which is $280 – $300 week, which will take the yields up to 8%.
Asking price on this is $380 000 and based on a few duplexes which we have secured for clients in the area a rental appraisal of $300 per week for either side is very common. With vacancy rates at 0.4%, these are some of the lowest in the country. Back in 2018, vacancy rates hit 1.25% which was the highest we can see, which is still extremely low and lower then many metro markets, and this is because of the diverse economy which you can see in the following presentation. There is a video at the bottom of the presentation should there be any questions you are unsure about.
It’s with great pleasure to present
Rockhampton and its property market has been largely unaffected by the pandemic and indeed has benefited from the Exodus to Affordable Lifestyle which has been enhanced by the virus lockdown phases. These attributes, plus a roll-out of numerous major construction projects, is turning Rockhampton into a magnet for southern migrants and first-home buyers.
Property prices have been rising throughout 2020 but remain highly affordable and vacancies are tight – mostly below 0.5%.
Rockhampton’s diverse economy is being boosted by the resources sector with construction of the Adani coal mine well under way. In the last 12 months, contracts totaling $1.5 billion have been awarded to local operators. Other projects lifting the economy include the transformation of the CBD, upgrades totaling $1 billion to major transport routes, the $2.5 billion redevelopment of the Australia-Singapore Military Training centre at Shoalwater Bay and the emergence of new industrial estates.
Considered the ‘Beef Capital’ of Australia, Rockhampton is also the gateway to Capricorn Coast tourist attractions and a centre for manufacturing, mining and the military.
Overall, Rockhampton presents as an affordable market with good growth prospects. The Queensland Infrastructure Plan published by the State Government nominates Rockhampton as the primary service centre for Central Queensland (with Gladstone as the industrial hub). Overall, Rockhampton presents as an affordable market with good growth prospects.
As vendors begin to realise the markets potential, savvy owners are putting their properties on the market to get in on the action. This is expected to turn in the next 4 to 6 month as values rise.
Flood zones are caused by obvious causes. In areas where the terrain is fairly flat and river banks overflow, properties which fall within these catchments warrant higher insurance costs.
A caveat is a ruling or law attached to the property, usually with a contract attached to it. If this is the case, the caveat needs to be understood as to what it is, who it benefits and when or if it expires.
In communications with the listing agent, he/she has confirmed the condition of the property is as the listing shows. This will be verified by our team in the steps moving forward.
There are 3 types of listing stages:
None of these types of listing types define the quality of the property.
The build year should be considered when purchasing properties of different structure types. The price of the property can be reflective of the build year vs the structure type. Some structure types age better than others. At a certain price point, it is worth remembering that land is the appreciating asset, while the dwelling is the depresiationg asset and can be reflective in the age of the property.
Tenure renewals dates need to be considered in rising markets. If the market is rising, your ability to increase rental rates will on be possible at the time the tenants lease period has come to an end.