Gladstone property market expected to see slow and steady growth in 2020: HTW residential
Slow and steady growth is expected over the course of 2020 in the Gladstone region, according to a recent Herron Todd White (HTW) residential report.
The valuation firm ask their valuers to give an educated outlook on the residential market in their service areas.
"The market is still being driven by affordability and we will likely see further value increases across 2020," the valuation firm said.
"We expect rental levels to continue to increase on the back of low vacancy rates (the current vacancy rate sits at about 1.8 percent)."
A two bedroom apartment in Gladstone Central has been listed for rent with a price of $260 per week.
Located at 235/75 Central Lane (pictured below), the apartment comes with two air-conditioned bedrooms, open plan living area, kitchen and balcony.
There is a single undercover car parking.
The trend in new construction activity is expected to remain steady.
Builders are currently reporting high enquiry levels, however the supply of land is limited.
The report notes near level, 800 square metre plus allotments are in greatest demand.
A Sun Valley home sitting on 1,283sqm block with harbour views has recently been sold for $710,000.
The five bedroom, three bathroom house is situated at 12 Trinity Place (pictured below).
The home comes with large living and entertaining area, kitchen with Miele appliances and heated in ground pool.
There is still an oversupply of small lots in Gladstone.
"We have seen a recent trend of developers combining two or more smaller allotments to create larger lots to suit current demand. We expect to see more of this in 2020," the valuation firm said.