Property

Real estate market stabilises in Gladstone

BUYERS take note - Gladstone's residential property market is flowering ahead of the Spring selling season, while sellers need to get their prices right.

The release of the Real Estate Institute of Queensland's REIQ June Quarter 2014 Housing Market Review shows optimism that real estate in Gladstone is on track to bounce back amid growing confidence.

Gladstone mortgage broker Jamie Oliver said he had seen an obvious increase in market confidence.

"With prices coming down, we've seen a steady increase in people inquiring at getting loans, because with the better prices people can now afford houses," he said.

"Market confidence has definitely increased and I think that's come from prices coming down and becoming more affordable.

"The general confidence in people's incomes has steadied again and they believe there's more work for them here in Gladstone."

He said it was definitely a buyer's market, and would tell owners if they want to sell that "they've got to get their prices right because people are waiting to buy".

According to the review, the Gladstone median house value was down 1.5% in the June quarter to $410,807, and down 4.7% over the past 12 months.

Average vendor discounting in Gladstone in the June quarter was relatively unchanged at 9.8%, with average days on market steady at 117.

REIQ Gladstone Zone Chair Mark Spearing said the Gladstone market had stabilised during the last quarter, however sales volumes remained low and investor interest was down.

"The major industries are still affecting the market, however with the perceived value in such an economically sensitive port city astute buyers, many locals are once again starting to look for opportunities," he said.

"Vacancy rates remain higher than the average in recent times but quality homes are still sought after.

"Homebuyer interest is increasing given the softening in the market over the last 12 months and the increased affordability on offer."

Topics:  gladstone property market real estate



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