New data reveals Gladstone’s property market transformation
Multiple groups of desperate buyers are battling for homes in Gladstone, where some suburbs have seen price jumps of nearly 40 per cent.
The Gladstone Region’s median house price has soared almost 25 per cent in 12 months as multiple groups of competing buyers swamp the market.
The Real Estate Institute of Qld report for the 12 month period to June 30 shows the median price jumping 24.14 per cent cent to $540,000 based on 2167 sales.
Elders Branch Manager Mark Spearing described the Gladstone Region property market as “very strong” with an acute shortage of stock and no sign of approaching weakness.
“There’s strong interest from so many different sectors, whether it be southern buyers wanting to come up to Queensland and the investors still interested in the market,” he said.
“They still see it as good value, even though it’s gone up a considerable amount in the past 24 months, and first-home buyers are still trying to jump into the market as well.
“There’s just a lack of supply and an increase in demand and it’s continuing to push prices in a northerly fashion. We don't see that changing in the short term.”
Barney Point surged 38.2 per cent to $390,125 from 58 sales, Boyne Island 21.7 per cent to $560,000 from 165 sales, Clinton 26.3 per cent to $537,500 from 230 sales, Kin Kora 30.4 per cent from 109 sales to $528,650, New Auckland 23 per cent to $553,500 from 224 sales however Agnes Water steadied at $768,000 for a one per cent rise from 98 sales while Gladstone Central nudged up 8.5 per cent to $350,000 for a relatively modest gain.
Mr Spearing said investors were targeting cheaper areas, pushing prices up as they focused on securing high rental returns.
“The (buy) ceiling for investors seems to be increasing steadily (to $650,000) along with the house prices,” he said.
“There is still pressure on rentals. We are renting out properties very quickly with multiple applications (vacancy rate under 1 per cent).”
He said Tannum Sands and Boyne Island were attracting significant investor interest.
He said there was also a steady flow of southern buyers choosing to move to the region as owner occupiers.
“Some are coming up to stay, some just want a holding in a nice part of Queensland with a view to retiring here,” he said.
“There’s lots of different reasons.”
He said the economic health of the industrial powerhouse was in good shape with record tonnage coming out of the Port of Gladstone.
“All the fundamentals remain unchanged for the Gladstone Region,” he said.
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