Signs point to Roma housing recovery
THE Roma house market is set to stabilise after years of decline, according to local real estate data.
Elder's Real Estate owner Lynnell Vohland said the quarterly housing report was promising, with only small decreases in sales numbers and property prices in Roma.
"The last 12 months' figures are not complete on our database yet but it is shaping up to be a fraction under (the last financial year) in terms of house sales numbers and also average price,” Ms Vohland said.
"However this is good news as it shows the decline in prices is slowing.
"I believe we will see that the market has plateaued, which will mean there will be more stability.
"I am seeing a renewed interest in Roma from a few very wary investors. These investors are more local and from western areas.”
The report, released by REIQ for the January-March 2018 period, states Maranoa house sales are down by 7.6 per cent in comparison to the same period last year.
The market for larger properties in the Maranoa, those above 2500 sqm, is down 24 per cent on last year. Ms Vohland explained that this discrepancy could be due to coincidence.
"If there were a few good sales in 2017, this could skew the larger-home data,” Ms Vohland said.
"Another thing that may be interfering with the data is higher bank interest rates on loans. After the boom we saw a loss of confidence, which meant banks required a larger deposit.”
Ms Vohland said buyers and sellers could expect to see a strengthening market in the next few years, advising investors to consider larger homes when buying. "Once the market stabilises there will be more confidence, which in turn will allow for easier lending,” she said.
"My advice is to buy now before the market rises.
"We are seeing strong demand in the rental market for three to four-bedroom houses. I would recommend investors consider these larger properties.”
Resident Tori Johnson bought her first Roma house in November.
"My partner's mum is a property investor and a bit of a bargain hunter,” Ms Johnson said.
"She said it made sense for us to go for it because the market was right.
"We didn't have the deposit immediately, but we got a 90-day settlement which allowed us to get the deposit together through saving and family help.
"The house we decided on is in the south part of town. It was labelled a renovator's delight - my partner is a builder by trade, which makes it easier.
"It was cheaper than most, because it needed some work done.
"It's liveable, but certainly not for the faint hearted!
"I think if we were to have waited for a home that was already renovated we would have still been waiting and saving.”