Gladstone property market expected to move steadily over the next few years: HTW residential

Gladstone property market expected to move steadily over the next few years: HTW residential
Gladstone property market expected to move steadily over the next few years: HTW residential

Gladstone has mostly always managed to live in its own little bubble when it comes to how its market performs, according to a recent Herron Todd White (HTW) residential repot. 

The current COVID-19 epidemic is going to have a negative impact on key drivers, so it will be interesting to see what impact this may have on the property market in the short to medium term, the valuation firm said.

It has at various times over the past few decades bucked the trends that were occurring around the state at the same time, such as when most other regional markets were suffering the effects of the GFC, Gladstone remained relatively buoyant on the back of major industrial announcements which would eventually turn into the biggest boom period Gladstone had ever seen.

"No doubt about it, Gladstone has been and probably always will be a boom and bust town whose residential market is not too heavily influenced by national or international trends but one that is definitely driven by strong local drivers," the valuation firm said. 

Major industry announcements have the potential to change Gladstone markets on their heads basically overnight and these announcements, followed by boom periods, have occurred several times over the past few decades – think LNG, Yarwun 2, the refinery and the smelter.

Over the past few years, the market has been driven by something most people are not accustomed to in our region and that is the affordability of property, the report noted. 

"Yes, Gladstone went from being one of the most expensive regions to live in the state to one of the cheapest regions in the space of about five years.

"Affordability is likely to remain the key driver for our markets in the foreseeable future," the valuation firm said. 

While there is always talk of new industrial projects in Gladstone, more often than not, it remains as just talk. There are no major industrial projects of substance that will have a massive impact on our markets, however smaller projects such as the proposed solar farms, the proposed hydrogen plant and the Phillip Street Communities precinct will have positive flow on effects for our markets and our economy.

"On the back of affordability, we have seen a definite shift in the residential market with a good mix of buyer types currently active in the market, including first home buyers, upgraders, empty nesters and investors.

"We predict the market will move slowly and steadily over the next few years basically until the region meets a more realistic price point which is in line with its regional neighbours or another major industry project approval is ticked off creating another boom. " 

A recent sale was a three storey unit in Gladstone Central

The 3/46 Yarroon Street home (pictured below) has been sold for $195,000.

It comprises three bedrooms, three bathrooms, open plan lounge, modern kitchen and dining. 

Gladstone property market expected to move steadily over the next few years: HTW residential
 
 
A South Gladstone renovated house is currently on the market with a price guide of $259,000.
 
The three bedroom, one bathroom home is situated at 94 Elizabeth Street (pictured below).
 
It features ceiling fans, extra-large timber deck, double garage and established gardens. 
 
Gladstone property market expected to move steadily over the next few years: HTW residential
 
Note regards COVID-19
This edition of Month In Review had its topic defined in late February with submissions from our offices collated through to late March. During this period, shifts in the social and economic landscape due to COVID-19 became increasingly dramatic, as demonstrated by the varied information provided by offices over the course of three weeks.
 
This month’s residential theme on baseline property market drivers remains a common thread, and provides an indication of what influences to monitor as the property sector recovers post-crisis.
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Gladstone Htw

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