Gladstone the second most affordable place in state to buy
THE GLADSTONE property market experienced the biggest fall in median house prices in the state this quarter.
However, with every cloud comes a silver lining.
The 11.6% drop to an annual median sale price of $270,000 and a March quarterly median sale price of $260,000, makes Gladstone the second-most affordable market amongst the local government areas analysed in the Queensland Market Monitor.
Real Estate Institute of Queensland chief executive officer Antonia Mercorella said the March quarter had started the year off reasonably steady in most markets.
"Our hope is that the recovering coal price will give the Queensland economy a much-needed boost and that the government's recently announced infrastructure and jobs programs succeed in creating jobs for Queenslanders that will help them gain secure and affordable housing," she said.
According to the REIQ, Gladstone, Mackay, Rockhampton and Townsville reported a large contraction in the annual median house price for the past five years.
All four regions have suffered the most from the mining downturn but remain affordable with the March median sale price fluctuating between $260,000 and $330,000.
Amongst the largest LGAs in Queensland, Rockhampton has become the most affordable house market with an annual median sale price of $270,000 and a March quarterly median sale price of $260,000.
The REIQ's views on affordability were backed up by Ray White Gladstone director Andrew Allen.
Last week he revealed auction clearance rates in Gladstone were the highest they'd been in five years.
Mr Allen said it was the under $300,000 market that was attracting attention at auctions in Gladstone.
According to the REIQ's Queensland Market Monitor, the prospects of Gladstone's housing market were hard to forecast because of the reliance on the resources sector.
"Even though the Adani mine will have no direct correlation to the Gladstone market it's likely that the uplift to the state's economy will have positive consequences for the Gladstone market," the report reads.