Why Norman Gardens is set to capitalise on Rockhampton’s potential
Nestled just beyond the Fitzroy River, Rockhampton’s Norman Gardens is a picturesque family neighbourhood in any otherwise bustling tourism bed.
The central Queensland suburb was recently named in the highly coveted Smart Property Investment FAST 50 ranking for 2023, which launched in May. The report and ranking combined the insights of a 14-strong investment expert panel and recent housing performance drawn from open source data, and aims to give unparalleled insight into the Australian suburbs which are set for future growth.
Despite 2022 being categorised by rising interest rates and high inflation, creating an economic environment which sent national house prices into a downturn that drew comparisons to the global financial crisis, the Norman Gardens market remained resilient.
According to CoreLogic, prices in the region defied the common national trajectory to rise 16.3 per cent over the 12 months to January.
Don’t let the meteoric price rise fool you. Norman Gardens remains an incredibly affordable market for budding investors looking to nab a slice of the rising Queensland property market. Median house prices in the region will set buyers back around $479,000, while rents remain relatively affordable at just under $500 per week.
According to CoreLogic’s most recent Home Value Index, the median house price across regional Australia was approximately $586,000, further highlighting Norman Gardens’ affordability relative to other rest-of-state markets.
One of Queensland’s most prominent regional markets, Rockhampton is also one of the state’s oldest cities, having been established way back in 1858 – it was initially seen as a key outpost during the Queensland gold rush of the 1880s and 1890s.
Today, cattle trade is a prominent industry within the region’s economy, with the areas surrounding the city flooded with rich farmland; hence its nickname: the beef capital of Australia.
However, agriculture isn’t the only dominant thread in the fabric of Rockhampton. Tourism plays a critical role in the operation of daily life in Norman Gardens and wider Rockhampton. A key part of the town’s tourism ecosystem is its proximity to arguably the most famous of the seven natural wonders of the world – the Great Barrier Reef.
The region’s wide-ranging appeal to tourists attracts thousands of international visitors and hundreds of thousands of local tourists all flocking for its rich natural beauty and scenic coastlines.
For those hunting a more permanent migration to Norman Gardens, the region boasts a family-friendly aura which is underpinned by modern amenities and convenient access into Rockhampton’s city centre.
Residents with a desire for greater access into other parts of the Sunshine State will also be pleased to know the suburb has passage through the Bruce Highway, while a train station and airport seamlessly connect the region to other parts of both Queensland and Australia.
Much like the natural environment it is cloaked in, Rockhampton is constantly changing. This is exemplified by the Rockhampton Region Planning Scheme, which outlines several development opportunities and provisions aimed at guiding and supporting the region’s future growth.
At the heart of this plan is the Rockhampton Ring Road, a long-term project heralded as unlocking future economic growth and delivering significant improvements, notably improved flood resilience, within the region.
To read more of SPI’s FAST 50 coverage, click here.
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