Gladstone home owners splashing out on renovations
GLADSTONE home owners are splashing out on renovations with little worry of losing money on their properties, according to a new report.
Herron Todd White's Month in Review reported an increase in home renovations, in particular at properties that were purchased in the past 18 months when the market was at the bottom.
The report described Gladstone's property market as being in a "recovery" phase on its national property clock, where it had been since March this year.
"For so many years, renovating your property in Gladstone was a pointless exercise as any money spent would be lost as the market continued to decline," the report said.
"Now that the market has turned the corner, we have started to see more renovation work taking place."
It said there had been a "definite increase" to the number of new pools added to properties.
But the increase in renovations has not delivered a boost to all Gladstone builders.
Mick and Z Homes owner Mick Antoniou said if there was a boost to renovations it was "very minor".
The business owner of more than 15 years said the past 18 months had been quiet.
"It's just really quiet, we've only had a few smaller jobs recently," he said.
"We built one new home this year in March at Benaraby."
Mr Antoniou said many Gladstone builders were still keeping their businesses afloat from Gladstone's boom years, prior to 2015.
"There was always a continuity of work in Gladstone but the past few years it's completely dropped off," he said.
"I started up a Facebook page around April just to try to get the word out. If there's any change (to the market) it's very minor, everyone's hoping that it'll change soon."