INTERACTIVE: Gladstone is ripe for first home buyers

FIRST home buyers have a prime opportunity to get into the Gladstone market with property experts saying house prices in key suburbs are at 2005 levels.

By Brigidsimeoni

3 min read

January 16, 2016 - 6:00AM

Central & North Burnett

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FIRST home buyers have a prime opportunity to get into the Gladstone market with property experts saying house prices in key suburbs are at 2005 levels.

The median house sale price for the September quarter was $342,000, down 9.4% on the previous quarter, with 110 houses and 24 acreage properties sold.

Year on year the median sale price for homes dropped 7.5% and it was 2.6% lower than five years ago.

Click here for an interactive look at your local property market dataa

Gladstone REIQ zone chair Mark Spearing said market conditions were excellent for first home buyers.

"There's cheap housing in Gladstone - it's a good opportunity to get in," he said.

Mr Spearing said it was good to see Clinton had remained steady during the quarter at $325,000, which he said was comparable to 2005 prices.

"A lot of people are seeing in this market that this is good value," he said.

More real estate news:

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The median sale price for New Auckland was up 4% on the previous quarter to $400,000.

Mr Spearing said while the rise was likely due to sales volumes impacting the outcome, investors were seeing value in older suburbs such as New Auckland and West Gladstone.

"We might be seeing some additional value being seen by buyers because they tend to be larger blocks because they were created some 20 years ago," he said.

REIQ Gladstone zone chairman Mark Spearing.

Mr Spearing said West Gladstone, which had a median sale price of $253,000 for the quarter, was a good area set for growth.

"It's close to the CBD and has a good location and good variety of character homes," Mr Spearing said.

He said Kin Kora was another popular suburb.

"It's centrally located and very convenient," he said.

"Kirkwood will also continue to tick along nicely - it's a newer area and it's got good new shopping centres to service it."

Mr Spearing said it had been a weak quarter generally as a lot of people exited the Central Queensland market but affordable prices were attracting new buyers.

"For every person that's exiting the market there seems to be more coming in that are seeing it as an exceptional buying opportunity," he said.

He did not anticipate major movement in the market this year.

"I think it will bounce along pretty steadily for the Gladstone market."

Expert says Gladstone West is "always a good performer"

FAMILY-orientated suburbs and areas close to the CBD have been Gladstone's top sellers for the September quarter.

Sales activity was down 5% for the quarter with 110 houses and 24 acreage properties changing hands.

West Gladstone recorded the highest number of house sales during the quarter, followed by New Auckland and Clinton.

Ray White Gladstone director John Fieldus said West Gladstone appealed to people who wanted to be close to the CBD and had a lot going for it in terms of affordability, location and access to shopping.

"A lot of West Gladstone sits on hills and it's very affordable being a much older, established suburb," he said.

"West Gladstone is always a good performer."

Mr Fieldus described West Gladstone as a "solid suburb" that did not fluctuate much in price and offered a pleasant lifestyle with good homes near the city centre.

"It ticks most of the real estate boxes," he said.

"There are some real gems there."

He said New Auckland and Clinton were also popular family-orientated areas with a high proportion of owner occupiers.

Mr Fieldus described these as "mums and dads" suburbs that were ideal for families settling in the area.

Mr Fieldus said there had been a lack of confidence in the market and Gladstone was feeling the effects of the "boom and bust" cycle as thousands of workers who came to work on the LNG plants left town.

However, there is good news is for young home buyers hoping to get into the market with plenty of affordable properties to be found.

Mr Fieldus said many young couples were finding it cheaper to buy than rent.

"Young people are getting in the market and they can see the opportunity to get off that rental treadmill," he said.

He said he hoped the market would start to pick up later this year.

"I think once the evidence is in front of them that the market's bottomed out they will show more confidence," he said.

WEST GLADSTONE

Size: About 8sq km with 10 parks.