Port City housing market surges almost 20 percent in 12 months

The Gladstone Region is a state growth hotspot with houses selling every 12 days. SPECIAL REPORT

This five-bedroom home in South Gladstone sold for $1.64 million in November 2024.

Industrial powerhouse Gladstone finished 2024 as the third best performing property market in Queensland with the region’s annual median house price jumping almost 20 per cent to $485,000.

The REIQ median house price report for December 2024 shows the Gladstone Region was in home-buyer demand with a 19.75 per cent increase from 2187 sales behind Rockhampton (23.6 per cent) and Townsville (22.62 per cent).

Gladstone houses spent an average of just 12 days on the market to be the third fastest mover in the state behind Rockhampton and Townsville (both 11 days).

Growth was strong in the December quarter for Gladstone as it recorded a 4.9 per cent increase in median house prices for the three-month period to register a median price of $535,000 from 432 sales.

This impressive Benaraby property sold for $1.25 million in late 2024.

It was the fourth strongest housing market for quarterly growth behind Rockhampton (7.14 per cent to $525,000), Mackay (6.19 per cent to $600,000) and Townsville (5.66 per cent to $560,000).

Barney Point was the top performing Gladstone suburb for the 12 months, recording a median price increase of 33.4 per cent to $363,500 from 49 sales just ahead of Kin Kora (30.14 per cent to $475,000 and South Gladstone (27.3 per cent to $420,000 from 102 sales).

Sun Valley (26.8 per cent to $437,500 from 48 sales) and West Gladstone (25.67 per cent to $415,000 from 194 sales) also enjoyed spectacular boosts.

The locations commanding the highest prices were Benaraby with a median price increase of 18.21 per cent to $827,500, albeit from only 16 sales for the 12 months, and beachside Agnes Water up 9 per cent to $784,500 from 80 sales.

What a view. This property in Seventeen Seventy sold for $1.925 million in October 2024.

The Commonwealth Bank’s Acting Executive General Manager Regional and Agribusiness Banking, Josh Foster, said the Regional Movers Index for December 2024 revealed Gladstone was one of Queensland’s growth hotspots alongside Sunshine Coast Toowoomba, Fraser Coast, Mackay and Gympie.

He said the result showed the appeal of a scenic and often more balanced lifestyle extends beyond metropolitan areas, bringing renewed economic and social benefits to other areas of the state.

Rockhampton, Townsville and Gladstone lead the top performing regions in median house price increases in the 12 months to December 31, 2024.

“This quarter saw the rise in popularity of several new growth hotspots within regional Queensland, demonstrating the diversification of the state’s economy,” he said.

“Fraser Coast’s deep roots in agriculture and Gladstone’s mining and green energy boom are just some of the sectors helping drive increased employment opportunities to these regions.

“With lower-than-average employment rates and limited housing supply, more investment is needed in construction, manufacturing and property development to support these growing communities.”

Originally published as Port City housing market surges almost 20 percent in 12 months