Gladstone’s annual house price growth top in QLD
GLADSTONE’S property market continues to lead the state ranking as the equal top location for annual house price growth with Mackay for the last financial year.
With an annual growth of 5.9 per cent, REIQ Gladstone Zone Chair Alicia Williams said it was probably the best market conditions the region had seen for about seven years.
“The median house price in Gladstone is now $286,000,” Ms Williams said.
Ms Williams said there had been strong activity from first home buyers over the
quarter, with many keen to take advantage of the home builder scheme as well as first
“However, one of the biggest changes to the market has been the influx of new locals to
the region,” she said.
New residents to the Gladstone region are coming from intrastate but also from interstate.
“Affordable housing is one of the reasons for their migration, but so too are the social
freedoms that the region has enjoyed during the pandemic for its residents,” Ms Williams said.
Many properties were selling in a day or two because of the increased demand, but also due to the small volume of listings.
“The number of sales in Gladstone was down about 40 per cent compared to the
previous quarter,” Ms Williams sad.
“About 20 or 30 per cent of inquiry is coming from out of towners keen to stake their
claim before moving to the region.”
The Gladstone unit market hasn’t been as strong as the housing market, with prices decreasing by 5 per cent across the March quarter.
“The Gladstone unit market has been slower to recover than its housing sector, which is
a common scenario,” Ms Williams said.
“That said, over the year ending March 2020, the median unit price increased 0.3 per cent to $171,000.”
Ms Williams said the unit market had remained soft over recent years, partly due to the
high number of mortgagee sales.
“However, the volume of these types of sales had fallen significantly, which was a positive for the unit sector.”
Real Estate Institute of Queensland CEO Antonia Mercorella said the state’s residential property market continued to show stable results, with the first full quarterly COVID-19 property price report giving Queenslanders a comprehensive look at how the pandemic has affected our State’s housing market.
“Restrictions on auctions and open homes coupled with border closures, restricting interstate buyers as well as international investors, have certainly proved challenging for our market,” she said.
“To counter this, the real estate industry proved itself highly agile, adapting to technology substitutes in place of live auctions and physical property inspections at almost lightning speed.
“And buyers and sellers were equally quick to embrace it.
“The evidence is in the numbers, with over 8,600 property transactions across Brisbane and more than 7,100 across regional Queensland in the three months of April to June.”
Gladstone market snapshot:
Quarterly median price – $270,000
Annual median price – $268,000
Annual sales – 581
Annual median price 5 years-ago – $374,000
Annual median price – $170,000
Annual sales – 85
Annual median price 5 years-ago $275,250