'We have turned a corner': Rental vacancies drop

House prices fall 13.5% for March quarter but REIQ says market's steady

Glen Eden for Real Estate. Picture: Mike Richards GLA221216REAL

GLADSTONE'S housing market has been described as a "bit of a basket case" in the Queensland Market Monitor report, however, annual results show a more positive story.

Over the March quarter, the median house price in Gladstone fell 13.5 per cent to $270,000.

But the change to the median house price during the past 12 months was much lower than the past quarter, with a 3.6 per cent drop.

The report showed people were taking advantage of the low prices with the annual number of sales up 8.6 per cent to 542.

Unit prices have had a similar year of ups and downs, finishing on a median price of $171,000.

Real Estate Institute of Queensland Gladstone chair Alicia Williams said despite the drop in prices the data showed the housing market was steady.

"We have turned a corner and our market is in a recovery phase," Ms Williams said.

"We do see a disparity in price because there are still some mortgagee sales that are in the market place.

"Buyer engagement with mortgagee properties is very different to that of property that is owned.

"Underlying that is the fact that days on market are reduced."

Meanwhile, the vacancy rate for rentals continues to drop with the current rate at 3.1 per cent.

Weekly median rents for three-bedroom homes has increased from $200 to $223 and two-bedroom units from $150 to $170.

"In the (report) it's highlighted that Gladstone is pretty much the most affordable place (to rent) in Queensland if not Australia," Ms Williams said.

Ms Williams said new employment opportunities had attracted some back to live.

She said workers were moving to the region to live in their own investment properties.