Worst is yet to come for Gladstone property
THE suggestion that now is a good time to buy property in Gladstone is "very bad advice from people who will earn money if investors act on it", a property analyst says.
Writing on the Property Observer website, analyst Terry Ryder, who founded hotspotting.com.au, said the worst was yet to come for Gladstone.
He said the bottom of the market wouldn't be reached until the three big construction projects on Curtis Island finished construction, and thousands of workers left town.
Mr Ryder said "idiot developers" had hurt the Gladstone property market.
"They visited a construction blitzkrieg on the central Queensland city, without too much regard to what their competition was doing," he said.
"They built far too much new dwelling stock, even for the current construction phase of the major projects, without considering what would happen to market demand when the construction ended and all those thousands of building workers left town in search of the next boom."
But he said Gladstone had a big future.
"I see it as Australia's leading industrial city. Those who own property there will get growth in coming years.
"But before we get to that point, there will be more pain."
Read more here.