Gladstone residential market drifts at the bottom of property price cycle: HTW
The Gladstone residential market is beginning to drift to the bottom of the property cycle, according to Herron Todd White’s latest May report.
The property valuation firm says that the main driver for this area at the moment is affordability.
“The market appears to be drifting along the bottom of the property cycle at present.
“The key driver at the moment is affordability.
“Value levels for all property types are the lowest they have been in over a decade and this has resulted in significantly increased activity.
“In the past, Gladstone’s property market has always been driven by major industrial projects in the area, resulting in demand or lack thereof for accommodation for workers.
“While there have been a few possibilities of new projects thrown into the ring over the past several months, nothing has been set in stone,” the report stated.
Herron Todd White says that the last few months have seen a shortage of good quality residential stock in the area.
“The market has seen a changing of the guard in the past few months with increased confidence surrounding the economy and jobs.
“Much of the activity in the last few months has been in the bottom price sectors of the market which has now led to a shortage of good quality stock.
“Signs the market is beginning to move forward include decreasing vacancy rates and decreasing days on the market.
“Because of this increased demand we may start to see a slight uplift in values in the coming months.
“The market should continue to improve on the back of increasing business confidence and more job opportunities,” the report commented.
A two bedroom house at 95 Central Lane, Gladstone Central (above) has been listed for $289,000.
Similarly a four bedroom house at 7 Trudy Avenue, Calliope (below) has been listed for $275,000.
A three bedroom unit at 1/47 O’Connell Street, Barney Point (below) was recently sold for $136,000.
Similarly a four bedroom house at 1 Monaros Court, Beecher (below) was recently sold in April for $554,000.
