Property expert throws mud at 'dirty' Gladstone
IT'S THE list no town wants to be on, but once again Gladstone has been included in property expert Terry Ryder's "Dirty Dozen" suburbs to avoid buying property in.
Mr Ryder said Gladstone fell victim to the "Dirty Dozen" because sales continued to decline, the housing market was oversupplied, investors were receiving poor rental returns and there was uncertainty around the likelihood of future major projects like the Gladstone Nickel Project, which is partly owned by Clive Palmer, getting the go ahead.
"I think people should not be investing in Gladstone until the market has hit the bottom," Mr Ryder said.
"That point isn't too far away."
Mr Ryder blamed the lack of foresight shown by developers in 2012 for Gladstone's current predicament.
"Developers went crazy and did too much," he said.
"Gladstone had the image of being the mother of all boom towns but a lot of small developers were building without realising 90% of the workers would be housed in camps."
Mr Ryder thought it would be "wishful thinking" to talk Gladstone's market up, but expected to see an improvement in the next 12 months.
"There's too much going on in Gladstone for it to stay down," he said.
REIQ's latest report on housing figures showed median house prices in Gladstone lifted 3.2% to $359,500 and in the three months leading up to December 119 homes were sold.
Gladstone Ray White director John Fieldus said it was "grossly unfair" for Mr Ryder to include Gladstone on the "Dirty Dozen" list.
"What makes people engage with real estate is confidence…there's much more to real estate than data," he said.
Mr Fieldus said Gladstone was punching above its weight and pointed to the fact Ray White had a record year in terms of growth, which saw his team win a number of awards across Central Queensland.
Ray White took out the business development award for property management, the property management team performance and had two agents, Derran Corke and Julie Wood, listed in the top 10 for sales.
"You don't take out those awards unless you're in tune with the market," he said.