Big factor influencing Gladstone’s housing market
Affordability is the biggest driver of the Gladstone property market, a new report shows.
The housing and unit market has moved from “start of recovery” to a “rising market”, property valuer Herron Todd White says in its latest monthly review.
The report suggests historically industrial projects had a large bearing on property in the region, but that was no longer the case.
“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,” it said.
“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.”
It states there is a good mix of buyers active in the residential market including first home buyers, upgraders, empty nesters and investors.
“While there is always talk of new industrial projects in Gladstone, more often than not, it remains as just talk,” it said.
“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.”