REPORT: COVID-19 kickstarts Gladstone housing market
A NATIONAL property report has claimed Gladstone’s housing market is on the rise due to COVID-19, with volumes of sales increasing in the past few weeks.
Herron Todd White Residential, Australia’s largest independent property valuation and advisory company, recently released its July month in review report.
The report revealed Gladstone had experienced a significant increase in the number of sales in the past few weeks.
“COVID-19 appears to have kick started our market all over again with the volume of sales going through the roof,” the report stated.
“If volumes continue like this, it is only a matter of time before demand outweighs supply and we start seeing further price growth.”
The report also stated prices are increasing for several areas in the region.
Buyers looking for a single property can find a house in an established suburb for $700,000.
“If you’re an owner-occupier buying a property, you can get a large, well appointed home with all the bells and whistles in an established suburb.
“Alternatively, for around the same money, you can drive 10 to 15 minutes out of town to the rural residential suburbs of Beecher, Burua, Calliope or Benaraby and you will get roughly the same improvements, just on a larger allotment.”
The report said those looking to invest had the option of finding quality properties in West Gladstone, South Gladstone and Kirkwood for $700,000.
“A three-bedroom home in West or South Gladstone is around $175,000, with rents between about $200 and $250 per week.
“Alternatively, an investor could buy two modern, four-bedroom, two-bathroom brick homes in the suburb of Kirkwood with achievable rents of around $350 per week.”
The report said duplexes or sets of flats were likely to provide the best returns from an investor’s perspective.