No end in sight for Gladstone house price fall: HTW

No end in sight for Gladstone house price fall: HTW
No end in sight for Gladstone house price fall: HTW

The Gladstone residential market - well known for its big boom and bust cycles - has now been falling for a longer period than it was increasing and the end is not really in sight, according to the valuation firm, Herron Todd White.

"A crystal ball would be a really handy object to have at the moment," HTW's latest report proferred.

It advised new job opportunities in Gladstone are very weak and without a major project on the horizon, the Gladstone economy is likely to remain subdued.

"These job losses have had and will continue to have a direct effect on the already oversupplied property market in the Gladstone region."

HTW said all market sectors continue to show declines in value.

"In order to reignite the local property market another major project would need to start construction.

"A number of smaller projects have been spoken about however nothing of substance seems to be on the horizon."

Over the course of 2016 major employers in the region (Rio Tinto, QAL, NRG) have enacted cost cutting measures through their businesses and cut hundreds of jobs. More recently Aurizon has announced that job cuts will take place in the Gladstone depot.

Adding to this, there are still approximately 2,000 local employees working for Bechtel on Curtis Island finalising construction on the LNG plants, most of whom will be without work within 12 months.

"New job opportunities in Gladstone are very weak and without a major project on the horizon, the Gladstone economy is likely to remain subdued.

"These job losses have had and will continue to have a direct effect on the already oversupplied property market in the Gladstone region."

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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Gladstone Property market

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