Property chief says local market will hold up after boom
THE man behind some of Gladstone's biggest accommodation projects says the region's property market will outperform the rest of the country over the long term.
Stokeston director Ben Smith made the prediction despite what he called a "wonderful sense of negativity" that exists in Gladstone.
His tongue-in-cheek observation was a reference to people who were predicting a property crash in Gladstone after the current boom.
"It will have some highs and lows," he said. "But you've got to look at a 10-year cycle."
He said property values would vary on an "elastic band" around the correct value, sometimes going higher, sometimes lower.
He expected if Gladstone's market did dip after the boom, it could drop something like 5% below its natural value, rather than experiencing a genuine crash.
Stokeston has just completed a complex with 97 two-bedroom units on Glenlyon Rd. It is now working on another project at 30 Goondoon St.