Gladstone property market 'steady' as Bundaberg tips over edge
IT'S been a long fall to the bottom of the market for Gladstone, but one of our CQ neighbours has only just tipped over the edge.
Tenants are staying put in Gladstone while they are packing up in neighbouring Rockhampton and Bundaberg, according to the latest Heron Todd report.
Gladstone is the only property market to show improvements by halting its increasing vacancy rates.
Bundaberg tenants have begun leaving at an alarming rate, with REIQ's most recent report revealing the vacancy rate has increased from 3.9% in last year's December quarter to 6.3% in June.
The property analysts at Heron Todd have reacted by upgrading the "risk rating" for investing in the city's property.
According to Heron Todd's National Property Clock, Mackay, Rockhampton, and Gladstone are "approaching the bottom" of the market whereas Bundaberg has tipped over the edge into a "declining" market.
In contrast, the property experts believe Gladstone, where vacancy rates have plateaued at 10%, 11.3%, and 10.2% respectively over the past three quarters, may be seeing signs of the market's bottom.
All of CQ's property markets are suffering from an oversupply of houses and units, but just Gladstone and Mackay's vacancy rates have steadied.