‘A very minor blip’: COVID’s impact on local real estate
There is optimism in Gladstone's residential real estate market with agents looking for stock and properties receiving multiple offers.
Raine and Horne real estate agent Michelle Rose's phone went quiet for 'about a week' when lockdown restrictions came in, but after Easter she said inquires picked up again.
"Anything that is priced correctly is getting sold very quickly," she said.
Ms Rose said properties were receiving more 'multiple offers' which was a good sign the market was in recovery.
"We're also seeing people who are currently renting deciding to take their next step while interest rates are so low and rents are starting to go up," she said.
The latest report from property advisers Herron Todd White suggests the impact of the coronavirus has been minimal to date.
"Affordability is still the key driver in our market and while we are not out of the woods just yet, it's looking more and more likely that COVID-19 will be remembered as just a very minor blip on the radar for Gladstone's residential market," the June month in review states.
The rental vacancy rate is at 1.6 per cent which is comparable to levels during the city's LNG boom.
The report also shows a healthy appetite for Gladstone homeowners investing in bigger and more extravagant sheds.
"Once upon a time, a six metre by six metre shed in the back yard was the norm, however this is no longer the case," it states.
"Longer and wider sheds with higher clearance are becoming the norm along with features such as mezzanines and internal bathrooms.
"Costs appear to have jumped about $100 per square metre in the past few months and this sudden jump in cost has not yet been reciprocated in the added value of a shed to a property."