Real estate values fall but future brighter
By REN LANZONrlanzon@gladstoneobserver.com.au
RECENT real estate figures show that Gladstone house prices have plunged by as much as 11 per cent.
Figures released by the Real Estate Institute of Queensland (REIQ) show that median single unit (house) prices for Gladstone have fallen by 6.7 per cent between the first quarter and the second quarter of this year.
Sharp plunges in median prices were recorded at Clinton and Barney Point (11.3 per cent and 9.1 per cent drops respectively), although South Gladstone showed a price increase of 5.7 per cent and West Gladstone of 4.1 per cent.
The figures were based on 161 single unit sales in city in the second (April, May and June) quarter.
REIQ spokeswoman and Gladstone real estate agent Mary Ayscough said homes which were put on the market by investors when they realised Comalco would not take them over for its workers probably affected the median price.
She the new median prices would only affect future valuations if they were consistent and remained low for an extended period of time.
She said there were already some signs of an improvement in the housing market.
Mrs Ayscough said rapidly filling rental properties was also an indication that workers were returning to Gladstone as prospects of new jobs increased.