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Rockhampton, QLD Tops REIQ List as Cheapest City to Buy Homes

Rockhampton Tops REIQ List as Cheapest City to Buy Homes

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.”