Signs of 'minor growth' in Gladstone property market
IN ITS final report for 2018 national property valuer Herron Todd White found parts of the Gladstone region had minor growth during the past 12 months.
In its December month in review, it said while the market was still driven by its affordability, some suburbs were showing signs of recovery from the construction boom.
"We have seen growth of approximately five to 15 per cent in some market sectors and some locations in the region," it said.
"This growth is definitely not across the entire market however is a welcome step in the right direction after so many years of negative market sentiment in the region."
On its property clock Gladstone's housing and unit markets were placed at the "start of recovery" phase, where it has been since the March report.
Meanwhile rentals continued to rise this year, with $10 to $20 a week increases each time a six-month lease was renewed.
The report said vacancy rates further declined, from 4.7 per cent in January 2018 to 2.9 per cent recently.
The report also pointed to several multi-million-dollar projects proposed for the region, including solar farms, Hummock Hill Island resort and East Shores Stage 1B, as potential causes for further recovery in the property market.
It found signs of recovery in the industrial sector too, with an increase in activity compared to previous years, in rentals stabilising and sales picking up.
"2018 also saw the continued activity of investors to the market, which appeared to kick off in late 2017," it said.
However re-sales of properties bought during the boom continue, with the most recent being industrial land in Callemondah.
The 4152sqm land was bought in 2012 for $975,000 and recently re-sold for $300,000.