Gladstone unit market sales rebounding
HOUSING units for sale are making a slow comeback in the Gladstone property market after a dormant period of low activity.
Whether it's located in South Gladstone for around $100,000 or below or the CBD with the Aspex Apartments Central valued from $350,000, unit sales are on the rise depending on buyers demand.
In a report by Herron Todd White it revealed all regions affected by mining and constructions boom hangovers have bottomed or are in the 'start of recovery' phase in the market.
It stated unit markets in regional areas such as Gladstone and Emerald are on the way up.
LJ Hooker Director Mark Spearing, said there is a consensus the Gladstone property market is undervalued and ideal for local and outside investors.
"Anything for under $100,00 in the unit market is ridiculously cheap and not going to get any cheaper," Mr Spearing said.
"Investors come in all shapes and sizes and a great opportunity for younger generation investors to get a start in the property market."
The Gladstone unit market is small comprising of less than 15 per cent of the Gladstone region's dwellings.
Only 136 units were sold for the past year with the annual median sale price of $170,000 to June 2018.
The Gladstone unit market remained the most affordable throughout Queensland followed by Cassowary Coast (south of Cairns) which reported an annual median unit price of $181,250.
"There are a number of good reasons to invest in a unit with low interest rates on mortgages, it makes it extremely affordable for working people," Mr Spearing said.
Unit living can have an obvious appeal to the baby boomer generation with limited maintenance and proximity to major facilities.
Modern unit complexes such as the Promenade and Shoreline have been a popular choice for retirees.
Downsizers or buying into these complexes also have the benefit of selling and buying in the same market.