Property

'Flex muscles': Gladstone suburb drops $120K

BUYERS are scooping unprecedented deals by "flexing their muscles at the negotiating table", according to the latest report from the Real Estate Institute of Queensland.

The Gladstone region's median house price has dropped 6.7%, with buyers scoring the most significant discounts on homes at Glen Eden, Agnes Water and West Gladstone.

>>Gladstone's 10 cheapest properties on the market

Five investors and first-home buyers who bought into Glen Eden paid 22.8% less than one year ago for the average house, with the price dropping to $335,000.

It's a 26.8% drop on what buyers were paying six years ago, $449,000.

>>Market opens as Gladstone sellers drop prices to force sale

Brett Wortman

Agnes Water had the second largest drop at 17.9%, with the average house selling for $302,000.

West Gladstone came in next, with a 16.5% drop in a year to just $250,000.

It's the cheapest area in the Gladstone region after a 32.4% drop in six years from $370,000.

Interestingly, buyers have not shied away from areas with the smallest price drop, with Clinton, which had just a 1.2% drop in median house price to $340,000, rating as the most popular suburb for buyers.

Tannum Sands, the region's second most popular area for buyers, has dropped just 1.2% in the past year to $420,000.

But both of these areas previously felt significant price-drops other areas avoided, with Clinton falling 16.2% in a six-year period and Tannum 9.2%.

While the average period for a house to sell has risen from 70 to 79 days on the market, houses are still moving quicker than at Mackay and the Fraser Coast, according to the REIQ report.

Topics:  gladstone, gladstone region, property



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