$57,000 West Gladstone unit sale shows little price growth
A unit by the coast in regional Queensland has been recently sold for $57,000 by Derran Corke from Ray White Gladstone.
The two-bedder at 1/21 Charles St, West Gladstone ranked the cheapest residential sale across Queensland for the week.
Back in 1989 the same unit sold for $54,959, and in 1992 it was sold again for $50,000 according to data from CoreLogic.
It comes with two bedrooms, combined lounge/living, and carport to the rear of the complex.
The bathroom needs renovating with room to improve.
The unit block was built in the '70s, and although it is showing its age it has all the essentials, is close to KFC, Aldi and Gladstone West State School.
The real estate market has had a tough couple of years in Gladstone, with high vacancy rates (though they are on their way down) and falling prices.
In the suburb of South Gladstone median house prices have dropped by 29.7 per cent over the last three years, and in West Gladstone the drop has been even harder at 42.9 per cent.
Valuers HTW noted 2017 was the most positive seen our market perform in nearly five years.
"Most property sectors have now bottomed out and stabilised and we have even seen some evidence of an increase in values," it noted recently.
It suggested sales activity has been strong with buyers very aware of the great affordability the region represents.
"Affordability is currently the driving force for the Gladstone region market.
"Good quality existing stock is attracting multiple offers and significantly reduced days on the market."
This has also led to an increase in new construction activity.
The valuers noted owners and upgraders are opting to build their forever home due to record low land values.
Mortgagee in possession sales appear to comprise about 30% of all sales and while the number of repossessions has not declined, most stock appears to sell in a reasonable time frame providing they are priced appropriately.