Gladstone real estate market on a steady incline
EVIDENCE is emerging that Gladstone's real estate market has bottomed out, or at the worst, the decline is slowing.
The Real Estate Institute of Queensland's Market Monitor Report shows the June quarter median house price increased 2.6%, from $285,000 in March to $292,500 in June.
"Despite the price recovery, the annual median sale price fell 15% to June 2017," the report said.
"The 12-month and five-year performance of the house and unit markets have been the weakest of all markets featured in the Queensland Market Monitor. House prices fell by 37% and unit prices halved over the past five years."
However, Raine & Horne principal Mark Patton was optimistic about Gladstone's real estate market.
"The last quarter we've probably experienced our best quarter for the last two-and-a-half years in buyer activity," he said.
"One would suggest that people are taking advantage of where the market is at at the moment and jumping in while prices are down."
The REIQ report revealed a 39.6% fall in building approvals from 169 approvals in June 2016 to 102 in this year.
However, there is a silver lining for the real estate market. despite the figures.
"(This) suggests new-home construction is falling and with less supply coming to market, conditions are favourable to putting upward pressure on prices in the future," the report said.