'Second largest fall': Gladstone property market takes hit

GLADSTONE property prices have fallen to "one of the most affordable" in the state, a new Real Estate Institute of Queensland report reveals.

A detailed report on the June quarter from REIQ's shows the Gladstone market fell 6.7 per cent this quarter, the second-largest quarterly fall in the state.

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Mackay had the largest fall at 6.9 per cent.

This means, with a median house price of $331,250, the Gladstone market is now one of the most affordable in Queensland, with Rockhampton, Bundaberg and Mackay at even lower median house prices.

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Brett Wortman

The report also shows the vacancy rate in Gladstone has dropped from 11.3% in the March quarter to 10.2%.

Gladstone still maintains the highest residential vacancy rate in the state.

The report shows that Gladstone is also one of the cheapest regional cities to rent, with 3 bedroom houses going at a median weekly rent price of $220 and 3 bedroom town houses $5 cheaper.

This is more than a $20 drop from the March quarter report.

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