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.

How to survive the robot jobs revolution

Nicholas Davis is here to tell you that it’s not all bad news

All day parking moved for CBD upgrading works

PARK CHANGES: Caboolture CBD all-day parking zone marked in red will be temporarily relocated to the car park on the corner of Matthew Terrace and Armstrong Way.

All day CBD parking relocated as upgrading works commence.

New laws a major shake-up for dog owners, breeders, stores

dog generic

DOG owners and puppy lovers beware, the rules change today.

Local Partners

Model Bella Hadid's see-through dress shocks in Cannes

JUST WHEN you thought you’d all of Bella Hadid’s supermodel figure — she gets her Cannes out on the red carpet of an AIDS gala dinner in France.

No room for morbid fans

Chris Cornell.

Fans want to stay in the hotel room where Chris Cornell died

Star Wars' 1977 Stormtrooper head banger confesses

A Stormtrooper is responsible for the biggest blunder in a Star Wars movie. Picture: Supplied

Man in most famous blooper in Star Wars history breaks silence

Lyn's knock-out show gets her to next round on The Voice

ONWARDS AND UPWARDS: Lyn Bowtell is through to the battle rounds on The Voice.

'It was bitter sweet to win like that'

Is this the talent you get when you limit electronics?

Cassidy Kilburn in the Get the Beat International Dance Competition.

Cassidy, 11, preparing for national dance championships

Dreamworld may supersize with 'Disneyland expansion'

Dreamworld could become a “more attractive and entertaining park”.

Report reveals progress on $319m airport upgrade

Aerials of the Sunshine Coast.Jetstar plane in front of the Susnhine Coast terminal, Sunshine Coast Airport.

Over two dozen government approvals needed for airport expansion

Lost dough leaves sour taste after company collapse

Kathleen and John Mahoney from Sugar and Spice Bakery were stung after the collapse of Cantro Pty Ltd and are still owed money.

Supermarket operator collapse leaves sour taste for bakery

Open for inspection homes May 25-31

Check out this weekend's homes open for inspection

How Toowoomba house prices compare in Australia

For sale sign in front of home.

Here's what $700,000 will buy you in Toowoomba, Brisbane and Sydney

One of Maryborough's most historic homes is still for sale

FULL OF HISTORY: Trisha Moulds is owner of the historic Tinana state known as Rosehill. The beautiful home is currently for sale.

It has been the scene of both joy and tragedies over the years.

Ready to SELL your property?

Post Your Ad Here!