$6.2m Gladstone warehouse sale in otherwise quiet year for market
MILLION-dollar sales of industrial warehouses have underpinned what has otherwise been a quiet 12 months for Gladstone's industrial property market.
A review of Gladstone's residential and industrial market by Herron Todd White show the region is at the bottom of the market.
The property valuers said in their August report that Gladstone's industrial market remained quiet and slow, but in a slight change, investors have returned to the region for the cheap housing market.
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The report said there has been some activity on the industrial sales front in the past 12 months, listing two "significant" sales to local owner-occupiers, both at $1.9million.
Both were sales of warehouses in Callemondah.
It said another key sale was of the RCR Tomlinson workshop in Ganley St that sold for $6.2 million.
For rentals, it's been a slow month within the industrial market, the report said.
"The industrial rental market in Gladstone has continued at a relatively slow pace with limited activity," the report said.
"New rental negotiations in the past 12-24 months have shown reductions in excess of 50% from peak market conditions."
The August Month in Review also stated investor activity is heating up in the greater Gladstone region.
"Now that the market has bottomed, we have seen a very slight increase in investor activity, however owner-occupiers and first home buyers in particular, still dominate the market," it said.
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"With value levels the lowest Gladstone has seen in over a decade, the timing is ripe for investors to snap up bargains in the area."
According to the Herron Todd White property clock the residential housing market remains at the bottom, and the unit market is approaching the bottom of the market.