Forces combine for property price growth in Gladstone
Low interest rates, tight vacancies and affordable housing is attracting first home buyers and investors to the Gladstone region, in what many are tipping is the start of a years-long growth period.
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Record low interest rates, tight vacancies and affordable housing in Gladstone is attracting first home buyers and investors to the region, in what many are tipping is just the start of a years-long growth period.
The Price Predictor Index (PPI) Winter 2021 Edition by Terry Ryder from Hotspotting recently revealed that there are now 146 “rising” markets across regional Queensland – up from 72 just six months ago.
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In Gladstone there are four rising markets including Agnes Water, Clinton, New Auckland and Tannum Sands.
“Consecutive quarters of rising sales activity are translating into major price growth across the
regional areas of Queensland,” the report said.
REIQ Gladstone zone chair Alicia Williams said the Gladstone market was starting to show signs that it was on the road to recovery before the Covid-19 pandemic began, with low vacancy rates already being seen in the city.
“The Gladstone property market has typically been described as boom and bust,” Ms Williams said.
“However, I believe that we have stronger fundamentals and diversity of alternative accommodation to cope with large fluctuations in our transient population due to construction peaks including shut down work and FIFO projects.
“Post Covid, we have seen the FIFO demographic change, with more people choosing to relocate to our region for work to avoid extended quarantine measures and travel time associated with working interstate.
“Our property market has continued to flourish as well as more people see the benefit of living not only in Queensland but regional areas as their lifestyle preferences change.”
Ms Williams said many of the local buyers were first home buyers, or renters keen to pay off a mortgage rather than a landlord.
Others, she said, were locals upgrading to acreage, which until recently had been curtailed due to financial restrictions post the LNG boom.
“We are expecting to see a continuation of the current rental and sales trends, with some peaks in rental vacancy due to timing lags as people transition from renting into their newly purchased home,” she said.
Ray White Gladstone agent Graham Bailey said the real estate market was in a “very strong position”.
“There’s a lot of buyers, property prices are increasing, and the rental prices are also on the rise, which is starting to attract the attention of investors,” he said.
“We’ve noticed an increase in buyer activity for prestige homes however the hardest point is finding a home they love.
“We’re trying to place buyers into specific homes. As soon as we have a property listed and the paperwork done, it’s usually sold, even before the sign has gone up.”
Raine & Horne Gladstone agent Steven James said the local market “changed” at the end of 2019, heralding what he said was the start of recovery.
“Gladstone is still one of the most affordable cities on the eastern seaboard so we have lot of first home buyers and investors looking for yield,” he said.
“We’re getting calls from people in Brisbane and Melbourne selling up and looking to move up here.
“Gladstone is a very diverse industrial and commercial city and with a lot of major projects and new investments on the way, most people are excited about Gladstone’s future over the next five to seven years.”
>>TOP RECENT SALES – GLADSTONE REGION
1. $1.39 MILLION – 48 Bloodwood Avenue, Agnes Water
On a 2000 sqm block, this executive residence boasts exceptional finishes and stunning views.
Features include a modern kitchen, an open plan lounge, dining and living area, a huge rear entertaining deck with ocean views, a gas barbecue, a heated spa, an outdoor lounge, day beds and a dining table.
There is also two upstairs, kingsize master bedrooms with ocean views, two childrens bedrooms, two bathrooms, an upstairs reading room with a balcony, a media room, study and more.
It was sold by PRD Agnes Water.
2. $1.365 MILLION – 33 Beach Houses Estate Road, Agnes Water
Sold in March, Point Break is one of Agnes Water’s most popular holiday homes, according to the listing.
Built for holidays, the residence is a modern and architecturally-designed, two-storey house with a stunning resort-style pool, a sunlounge cabana area, pool table, a kitchenette with bar, and two entertaining decks.
It is also fully airconditioned and furnished, and was sold by PRD Agnes Water.
3. $1.35 MILLION – 579 Boyles Rd, West Stowe
Known as Peakvale, this 445 acre lifestyle property is about 25km southwest of Gladstone and sold on May 21.
The split-block homestead has over 750 sqm of under roof living space, and includes a designer kitchen, a large sunken lounge, a large master suite with a double-sized walk-in robe and ensuite, four additional bedrooms, a wraparound outdoor entertaining patio, a covered entertaining area and a pool.
It also stock proof fenced and has eight paddocks and three dams.
It was sold by Calliope Real Estate.
4. $1.115 MILLION – 7 Upper Piper Street, West Gladstone
A striking fusion of exclusivity, privacy and luxury, Lalaga is a 1.3-acre hilltop oasis less than 5km from town with city and harbour views.
The flexible floorplan includes a private master retreat, three additional bedrooms and a spacious central kitchen with granite benches and pantry. Outside is a tiled outdoor terrace, infinity-edge pool, and four-car garage.
It was sold by RE/MAX Gold Gladstone.
5. $950,000 – 20 Shady Lane, Agnes Water
Known as the Beach Shack, this house was the dream home of one of Agnes Waters’ finest builders, according to the listing.
Features include dual upper and lower living areas, a home office, a luxurious master suite that encompasses the entire third level, three additional bedrooms, three bathrooms and landscaped gardens, all on a 753 sqm block.
It was sold by PRD on March 16.
* Additional reporting by Michelle Singer
Originally published as Forces combine for property price growth in Gladstone
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