Prices down nearly 20% in Gladstone suburbs
HOUSE prices across Gladstone have dropped more than 8% in a year - with prices in South and West Gladstone dropping by twice that.
Sales figures for the Gladstone region for the June 2015 quarter from the Real Estate Institute of Queensland show prices dropped 8.8% from the June 2014 quarter.
South Gladstone and West Gladstone saw the biggest declines with prices dropping 17.5% to $330,000 and 19.1% to $300,000 respectively.
But Ray White Gladstone director Andrew Allen said the low prices in the city's older suburbs meant they were strong investment locations.
"When the property market plateaus it's always the older areas that drop the most," he said.
"But when things pick up it's the older areas that pick up first."
Prices in Tannum Sands dropped 13.6% on the year to $425,000 - but increased from the previous quarter.
Mr Allen said he believed prices had likely bottomed out - and would remain low for some months.
"I would say the market is steady, price declines have levelled off," he said.
"From what we're seeing all indications are that the market has bottomed out."
Despite drops across the region, Agnes Water and Glen Eden bucked the trend.
Over the year median prices in Agnes Water increased 4.2% to $370,000 and Glen Eden prices rose 6.6% to $429,000.
Mr Allen said increased prices in Agnes Water could mean people were again looking for beachside lifestyles.
He said increasing prices in Glen Eden was likely due to the increasing popularity of larger blocks in the Billabong estate.
- APN NEWSDESK