PROPERTY REPORT: Quarterly results signal some stability
IT WOULD take some bravery for even the most seasoned property watchers to predict what Gladstone's housing market will do next, a new property report found.
The Queensland Market Monitor June quarter report details the "roller coaster" that has been Gladstone's housing, unit and rental market during the past quarter and year.
During the June quarter the median house price fell 3.2 per cent, but the decline was dramatically slower than in the three-month period before it.
In the year ending to June the median priec fell a "fairly modest" 2.5 per cent, the report found.
"With its annual price movement now stabilising and with a median house price of $270,000, it appears the market is past the halfway point in this cycle of price falls," it said.
"The data indicates that demand is increasing, with the number of house sales increasing by 8.4 per cent over the year.
"Even the most seasoned property watchers would be brave to predict what the Gladstone housing market is likely to do next."
A similar trend was found in the unit market, with the median unit price still the most affordable of any major region in Queensland.
While annual sales volumes are down for units, the time it takes sellers to move a unit is down sharply from 95 days during this period last year to 56 days.
It said the rental market remained tight, with a good balance between supply and demand.
It said the vacancy rate was sitting at a steady 3.1 per cent.