Pre-boom investors win big time

PROPERTY values in the Gladstone region have risen 264% in the past decade.

PROPERTY values in the Gladstone region have risen 264% in the past decade.

That won't surprise most people, but it does underline the benefit to those who took the plunge on a first home before the property boom took off in a region buzzing with major industrial projects.

The median home value in the Gladstone region in 2002 was $129,000.

Today that figure is $470,000. The data comes from the Real Estate Institute of Queensland.

The difference is astronomical and the current prices out-rank greater Brisbane, which had a median sales price of $425,000.

It means that anyone who bought an average home in Gladstone 10 years ago has seen their investment grow by $341,000.

However if they sold to realise that profit and shifted to a new house in the city they would of course have to buy another home under the current prices, rather than 2003-prices.

The REIQ statistics also show the incredible growth of property values in the city's outlying suburbs.

New Auckland's house prices increased 20.4% over the 12 month period. Its median value was $490,000.

Clinton, Kin Kora and South Gladstone all experienced growth above 17%.

While the property market is clearly in good health and those already in the market will be smiling, the focus is likely to turn to what property values do as the rental crisis hits a plateau.

Recent anecdotal evidence from real estate agents in Gladstone shows a slight easing in rental price, as workers' accommodation opens up on Curtis Island.

Keeping with the trend in recent years, Agnes Water only saw growth of 2.8% over the past 12 months.

This is not bad by Queensland standards, but a far cry from the industry hotspots around the Gladstone city area.

Average house Prices

Median house prices in June 2012, with percentage increase over 12 months

(Houses less than 2,400 square metres)

AGNES WATER - $352,500, 2.8%

BARNEY POINT - $380,000, 17.8%

BENARABY - $630,000, 9.6%

BOYNE ISLAND - $487,000, 9.4%

CALLIOPE - $470,000, 13.3%

CLINTON ˜- $480,000, 18.5%

GLEN EDEN - $461,000, 1.3%

KIN KORA - $461,500, 18.3%

NEW AUCKLAND - $490,000, 20.4%

SOUTH GLADSTONE - $448,500, 18.0%

SUN VALLEY - $430,000, 16.8%

TANNUM SANDS - $514,500, 12.8%

TELINA - $510,000, 14.3%

WEST GLADSTONE - $430,000, 15.3%

GLADSTONE REGION - $470,000, 14.6%

*Data from Real Estate Institute of Queensland

Originally published as Pre-boom investors win big time