Property values continue to fall in Gladstone
IT'S more bust than boom for the Gladstone property market, with a property analyst saying it is the same old story for the central Queensland region.
Over the past three months, 343 houses and 46 units went under the hammer across the region.
The average house price between July and September slumped further to $380,000 while the average unit price across the same period fell to $330,000.
The figures represent a 13.1% and 24.9% decrease in house and unit prices, respectively, compared with the corresponding period last year, which resulted in a significant decrease in average prices.
Domain Group's House Price Report, to be released today, showed the Gladstone property market continued to struggle with the flow-on effects of the mining bubble levelling out.
Senior economist Dr Andrew Wilson said the economic influences would continue to affect the Gladstone market for years to come.
"Same old, same old for Gladstone ... when is it going to end?" he said.
"There was a lot of investment money pumped into the market three years ago with the mining boom.
"But unfortunately mining is no longer booming."
Dr Wilson said adding to the problem was the fact, he believed, Gladstone was an economic area, not a lifestyle area.
Falling prices put homes in reach of more buyers
SINGLE mum Donna O'Toole has Gladstone's dropping house market to thank for her new home.
"When the prices were high we would have struggled with a nice apartment," she said.
"And now we have a house for under $270,000!"
Ms O'Toole recently split with her husband, so she needed to find a home for herself and her two children both under four.
"My circumstances pushed me to make the decision," she said. "I followed the housing market closely for six months tracking dropping prices.
"I saved as much as I could and got the 15% deposit."
Being organised and working with agents to set realistic goals were key to finding the house, she said.
"I was following six properties and talking to agents," she said. "But I made sure I didn't fall in love with one in particular.
"Then this one came on the market and I put in an offer."
Ms O'Toole is now the proud owner of a three-bedroom, low-set, 1970s weatherboard house in Sun Valley.
"My five must-haves were a bathtub, a backyard, fans in every room, a good kitchen and being close to Kin Kora school," she said.
"I am so happy this house has all of that and it was within my budget.
"And more importantly, we have a new home."