Rockhampton, Queensland, has been identified as the most affordable city to buy a home in, according to the latest Real Estate Institute of Queensland (REIQ) report.
REIQ Reports Rockhampton as Most Affordable City Amid Investor Interest
Despite a notable 11.8% annual increase in the median house price, reaching $374,500, Rockhampton still maintains its status as the cheapest city, outpacing Gladstone ($400,000), Townsville ($407,500), Mackay ($445,000), and Bundaberg ($465,000).
The report reveals that Rockhampton is experiencing a surge in investor interest, with real estate agents noting a rise in higher-end sales, including properties surpassing $1 million.
However, agents emphasise that many homes in the $300,000 to $500,000 range are quickly snatched up by buyers’ agents representing a lengthy interstate investor waitlist, earning commissions of up to $18,000 per transaction.
Increasing Investors Interest
Diverse industries, including agriculture, mining, and renewables, contribute to Rockhampton’s growing appeal, providing stability in contrast to a boom-bust cycle. Real estate agents state that the city is attracting nationwide attention from investors.
Despite the rising market, Rockhampton’s median house price remains significantly below the national average, at $374,500—less than half of the Australian Bureau of Statistics’ reported national median price of $925,400 in September. Queensland’s median price is $798,000, with Rockhampton maintaining a competitive edge.
Real estate agents note strong demand from mum and dad investors, emphasising that Rockhampton’s affordability is a significant factor in the rising market compared to other centres.
However, he warns that the window for owner-occupiers to purchase decent homes in the $300,000 to $400,000 range is closing rapidly as demand intensifies.
The city’s robust market and affordability continue to draw attention from buyers priced out of markets elsewhere in the country.”
