News

'Realistic pricing': Gladstone property bouncing back

Kirkwood for Real Estate, October 13, 2016.
Kirkwood for Real Estate, October 13, 2016. Mike Richards GLA

FOR the first time this year Gladstone's property market is showing signs that it's getting its mojo back.

Although property valuation experts Herron Todd White still say the market is yet to hit the bottom, in a big change, the volume of house sales increased.

TODAY | Behind the scenes plan for Gladstone's fourth LNG plant

An oversupply of property is still affecting the market and the demand for new houses remains "soft" but in its latest monthly review Herron Todd White said it didn't matter which "market sector you pick, most have had increased sales".

The property gurus put this change in the market down to the fact that prices haven't been as low as they are "in over a decade".

"The most active market sector is the sub $250,000 sector...purchasers in this price bracket comprise mostly owner occupiers, many of whom are first home buyers," the report said.

>> Three reasons why market confidence is returning to Gladstone

>> Retired couple snaps up $870k mansion at auction

"The established suburbs of New Auckland, Clinton, South and West Gladstone are where most activity is occurring.

"Pricing and buyer feedback on these properties suggests that the prestige market has finally caught up with the rest of the market and is now at a more realistic pricing level," it said.

It would seem that buyers are finally cottoning that with such low property prices, now really is the time to buy.

But interestingly the report also found that investors were starting to re-enter the market.

"There has been a new wave of sales for standard four bedroom, two bathroom homes in modern estates selling for sub $300,000 however most of the stock is priced above this," the report said.

"There have been a number of 1980s and 1990s two bedroom townhouses sold in and around the central suburbs of South and West Gladstone."

The rental vacancy trend remains steady while the trend in new house construction was declining.

Although Herron Todd White found that first home buyers were getting into the game, which was helping to boost sales, Real Estate Institute Queensland CEO Antonia Mercorella said the first home owner's grant was failing to help regional Queensland.

The state government recently increased the grant from $15,000 to $20,000 but it is only available for new homes.

"These (regional) markets have a surplus of housing, established homes, and there is no need to build more housing - but to qualify for the Government's grant home owners are forced to build," Ms Mercorella said.

"In regional Queensland, it's like handing a drowning man a glass of water."

Ms Mercorella suggested broadening the first home owner's grant to include established homes.

Topics:  gladstone property market real estate


Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

Bowls day to support Blue Care

CELEBRATION: The winners, The Aces, Bob Gelharr, Les Derry, Steve Warren and Richard Brown.

Bowlers hit the greens to raise money for Blue Care.

Jeremy has new lease on life after landing job at Gray's

FRESH START: Gray's Furniture owner and manager Paula Gray with her new employee Jeremy Morris and APM consultant Gavin Homes.

After gaining help from APM, Jeremy Morris is thriving in new job.

Les Prince is a knight in shining armour

THE PRINCES: Pauline and Les  at the Pioneer Village for the 2016 Laidley Heritage Festival.

Gatton's Les Prince loves to lend a hand.

Local Partners

Jennifer Lawrence gives keys to new partner

Oscar winner Jennifer Lawrence

Oscar winner settling down with new partner

Rogue One star proud to lead new Star Wars film

Felicity Jones leads the new Star Wars film

Star Wars lead proud to be in front in sci-fi

What's on the small screen this week

Ernie Dingo stars in the TV series Going Places with Ernie Dingo.

ERNIE Dingo stars in a new travel series and Seven airs the AACTAs.

Mandy Moore feels like she's 60

Mandy Moore sees herself as a 60-year-old rather than a 32-year-old

Goooodbye Hamish and Andy (from our radios)

Hamish and Andy

The pair have been on air since 2006

David Attenborough on facing his mortality

Sir David Attenborough in a scene from the TV special The Death of the Oceans.

Life without Sir David Attenborough is hard to imagine

Chinese locked out of Australian property market

The rules are different if you're a foreigner

The buyer was from China - the trouble started right there

Morrison signs off on new affordable rental model

Australia's Treasurer Scott Morrison speaks during a press conference after a meeting of the Council of Federal Financial Relations at Parliament House in Canberra, Friday, Dec. 2, 2016.

Scott Morrison signed off on development of a new financing model

Coast high-flyer's fight back from bankruptcy, $72m debt

Scott Juniper went from millionaire developer to declaring bankruptcy in2012, now he is back on top of his game again with new developments including this one in Coolum.

'Apocalyptic lending storm' causes financial collapse.

How your home can earn you big $$$$ this Christmas

This luxury Twin Waters home rents out over Christmas for more than $6000 a week.

Home owners earning thousands renting out their homes this Christmas

Ready to SELL your property?

Post Your Ad Here!