Future heartache for Gladstone inner city market: Herron Todd White

Future heartache for Gladstone inner city market: Herron Todd White
Future heartache for Gladstone inner city market: Herron Todd White

All signs point to future heartache for owners of inner city apartments and suburban townhouses in Gladstone, according to Herron Todd White.

Herron Todd White's September Month in Review said only two modern apartments have sold in 2015 so far, with both showing declines of between 45% and 50% from sales in the market peak between 2011 and 2012.

The review stated the market for older townhouse and unit stock in suburbs around the city has been fairly active over the past several months, with 13 sales to date for units.

"Despite the oversupply of unit products in Gladstone we are aware of a number of projects that have recently started marketing units off the plan and there is another fairly significant townhouse development which has commenced construction," the report noted.

"Another worrying sign for the unit market in Gladstone is the vacancy rate which has been steadily climbing over the past several months.

"The vacancy rate peaked in December 2013 at 10.2% and has generally fallen until around January 2015 at which time it started rising again. The vacancy rate currently sits at 6.8%, the highest it has been since May 2014.

"The unit market in Gladstone is performing very poorly at present and given the current low level of demand, the high level of supply and the rising vacancy rate, the signs are pointing toward further heartache for owners of inner city units/apartments and suburban townhouses in Gladstone." 

 

Michael Crawford

Michael Crawford

Michael is the real estate reporter for western Sydney and loves writing about homes and the people who live in them. A former production editor and news journalist, he enjoys writing about real-world property purchases as well as aspirational buys and builds. Following a recent move from Sydney’s northern beaches, Michael now actually enjoys commuting.

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