More signs of Gladstone housing recovery in new report
ENCOURAGING signs have emerged that the Gladstone real estate industry's long-promised market rebound is more than just wishful thinking.
In its monthly property report for June, property valuation firm Herron Todd White has pointed to "solid evidence" the industry's positive comments over the year so far are not just speculation.
The report notes a three-bedroom, two-bathroom townhouse in Telina sold for $176,000 in April 2017, and was then resold for $185,000 in March 2018.
Similarly, a 1990s three-bedroom, one-bathroom brick house in the same suburb was sold in January 2017 for $226,500, then resold last month for $259,000.
The report also cites the continued drop in Gladstone's rental vacancy rate, which sat at 4.1 per cent in March and has since dipped to 3.4 per cent at the end of May, as well as a "sharp decline" in mortgagee-in-possession transactions.
While an upward trend in new construction activity recorded early this year appears to be slowing, the report says it is doing so for positive reasons.
"There is a general lack of land available in Gladstone but seemingly good demand," valuer Regan Aprile said.
"This is likely to push the value of land upwards and perhaps... larger developers will start to release lots in estates typically in a holding pattern over the past several years."
Gladstone's house prices remain at the "start of recovery" stage on Herron Todd White's National Property Clock, which rates where property markets across the country sit in their market cycle.