Gladstone's unit market starts road to recovery
A NATIONAL property valuer's new report has delivered promising news for Gladstone's unit market.
In its July monthly review, Herron Todd White placed Gladstone's unit market at the "start of recovery" phase on its national property clock, joining Townsville, the Whitsundays and Emerald.
The property clock rates where property markets across the country sit in their market cycle.
It follows the March report that showed the housing market was beginning to recover after being on the bottom of the market for 13 months.
LJ Hooker sales agent Steven James said he started to notice an increase in unit sales late last year, with particular interest from first-home buyers and investors.
He said while rent was still cheap, investors could see potential for a return within three to five years.
According to RP Data, 20 units were sold in the Gladstone region between May 1 and July 12. Prices ranged from $57,000 to $276,000.
Last month a block of 10 units at 5 Luscombe Ct, New Auckland sold for $570,000.
Mr James has sold three units at The Pinnacle on Roseberry St in the last nine months, for $180,000, $200,00 and $225,000 respectively.
"I'm personally trying to push those prices up a little bit to where they should be, because they're quite low at the moment," he said.
"People are starting to realise that if you're going to buy a property there's no better time then when the market is at the bottom, and people are realising that is where we are now."
Proposed projects like the livestock processing facility at Mount Larcom and several solar farms were creating more interest in Gladstone's property market, Mr James said.