How Gladstone suburbs rank as property market surges
GLADSTONE is again a Queensland real estate hotspot, leading the market with the highest median house price increase of 5.9 per cent.
An analysis of the market by the Real Estate Institute of Queensland revealed the Gladstone market has been somewhat immune to the pandemic with sales and rental prices increasing.
CEO Antonia Mercorella said with $5.2 million worth of council works being undertaken plus other industry growth, innovation and investment, Gladstone was an attractive place to live and invest in property.
“Demand for vacant land in the region is robust from those seeking to take advantage
of the HomeBuilder scheme,” Ms Mercorella said.
“The rental market is also firing with its vacancy now at just two per cent – half what it was a year ago.
“This is correspondingly seeing rents increase with double digit rises for both three-bedroom houses and three-bedroom townhouses over the year.”
One section of the market that has recorded a slight decline in prices is houses greater than 2400 sq m.
Over the past year, 152 homes have sold for a median price of $380,000, 0.7 per cent down on the 2019 median price of $382,500.
But in the last quarter to June, these larger homes have registered price increases of 1.3 per cent on 25 property sales, with a median price of just $310,000.
Despite the tight rental market, housing investors are enjoying annual returns of 5 per cent or more.
“The median weekly rents for all surveyed dwelling types have increased since the
previous quarter,” Ms Mercorella said.
“The median rent for a three-bedroom house in Gladstone has increased 13 per cent over the past year to $300 per week.
“The median weekly rent for a two-bedroom unit has also jumped by nearly seven per cent to $193.
“Likewise, the median weekly rent for a three-bedroom townhouse is now nearly 11 per
cent higher over the past year to now be $255 per week.”
COVID-19 has also accelerated migration to Gladstone and wider Queensland, with predictions there will be a massive influx of southerners from NSW and Victoria moving to Queensland when border restrictions ease.
“Prior to the outbreak of the pandemic, Queensland was the number one destination for interstate relocations – particularly from major metropolitan areas such as Sydney and Melbourne,” Ms Mercorella said.
“As this pandemic continues to affect us all, it’s introduced many of us to the possibility of a ‘new normal’ way of working – that is, remotely from home.
Due to this accepted ‘new normal’, more people are considering their options.
“As a result, interstate demand continues to strengthen in Queensland with the main drawcards being affordability, liveability and the lifestyle on offer,” Ms Mercorella said.
“And while border restrictions haven’t stopped interstate buyers from snapping up properties sight unseen over the past few months, we anticipate this demand to surge in the coming year ahead as we navigate through to the other side of this pandemic.”
Market analysis from REIQ data:
Houses < 2400 sq m
Gladstone LGA annual house sales – 533. Annual median price increase - 5.9 per cent. Annual median price – $286,000
West Gladstone annual house sales – 51. Annual median price increase - 13.5 per cent. Annual median price – $210,000
Tannum Sands annual house sales – 56. Annual median price increase – 12.6 per cent. Annual median price – $371,500
Clinton annual house sales – 68. Annual median price increase – 12.4 per cent. Annual median price – $281,000
Kirkwood annual house sales – 35. Annual median price increase – 10.0 per cent. Annual median price – $335,500.