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



Greyhound owner hits back

Stephen Bland and a dog.

Neighbours rally around Woodgate greyhound trainer

Back to school breaks the bank

NOT CHEAP: Charmaine Jorgensen with her daughters Chloe and Kayla. Charmaine is concerned about the cost of sending children to school.

Public schooling not as free as it used to be

Heatwave hits before thunderstorms

KEEP COOL: It's going to be hot and then wet in Bundy.

Rainfall to fuel hot, humid conditions

Local Partners

Mark Salling's child porn court date cancelled

Mark Salling's upcoming court hearing has been cancelled

Steve Carell pulls cruel prank on fans of the office

Steve Carrell decided to pull a cruel prank on fans of The Office

Married at First Sight: M'boro dad to feature on reality TV

LOOKING FOR LOVE: Farmer Sean Hollands, 35, from Maryborough will feature on the upcoming new season of Married At First Sight.

A bull riding accident put everything into perspective for Sean.

Your chance to drive like Magnum P.I.

Tom Selleck in Magnum P.I. with his trusty 'side-kick' Ferrari.

FERRARI that appeared on classic detective show goes to auction.

Ocean Sleeper discuss being 'Six Feet Down'.

Ocean Sleeper make waves with their new EP. Photo Contributed

Gippsland band shines at Unify

Bowie's final music EP No Plan released

NEW: Artwork for David Bowie's posthumous 2016 EP, No Plan.

David Bowie's 28th and final album

HOT PROPERTY: Money to spend on land, buildings

File picture.

Sale, leasing of industrial real estate picks up in Mackay

Bundy hotel on the market for a cool $8.5m

FOR SALE: The Burnett Riverside Motel has gone on the market, with a price guide of more than $8 million.

Premier hotel up for sale for more than $8m

Collapsed Coast company could owe up to $5 million

Staff, ATO, landlords among those out of pocket.

Ipswich block of dirt sells for $582 a square metre

JUST SOLD: A property on the Brookwater golf course sold for a record-breaking $612,000.

Property smashed 2007 record by close to $100,000

Sunday auction for historical home

Former Catholic school sure to attract spirited bidding

Ready to SELL your property?

Post Your Ad Here!