Over the last year, property investments in Allenstown, 4700 have given investors a capital gain of 2.44%. This compares averagely with the 1.66% for QLD as a whole.
Allenstown,4700 was ranked 2513 in Australia by increase in median property value over the quarter.
Vendor discounting in Allenstown is giving property investors an average Vendor Discount of around -11.82%. This puts suburb at number 26th in QLD when ranking the most discounted suburbs.
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Suburb suffers a negative streak
Median house price: $185,000
Three-year growth: -30.2%
Rental yield: 7.6%
A stone’s throw from the Rockhampton CBD, the small suburb of Allenstown was named for builder William Allen, a builder in the 1860s.
The centre of its commercial hub is the recently refurbished Allenstown Square shopping centre. There are also two primary schools here, namely, Allenstown State School, which was opened all the way back in 1887, and St Peter’s School. The suburb is quite rich in history as well, with a few heritage-listed sites including St Joseph’s Cathedral and South Rockhampton Cemetery.
Allenstown also houses three of Rockhampton’s seven Big Bull statues, which were built to emphasise Rockhampton’s reputation as Australia’s beef capital. However, house values have consistently been dropping since 2014, with the median price slipping below the $200,000 mark. While the rental yield is remarkably high at 7.6%, this could be a difficult market to work with.