Gladstone home owners advised to hold on for right price
IN MOST housing markets, sellers can expect a "spring bump" due to buyers looking to move into their new homes before Christmas.
But Gladstone's indomitable boom and bust cycle has some cautious home owners holding on to their properties just a little while longer - especially those who believe the market has already bottomed out.
Spring is typically the time for buying, but Herron Todd White's September 2018 Month In Review shows vendors in the region are holding back until the end of the year when they'll reassess the market.
Given the amount of financial pain property owners have been through in recent years, it make sense they would want to take advantage of an upturn in the market, says REIQ Gladstone zone chair Alicia Williams.
"In another six months an owner could get potentially an extra $20,000 or $30,000 on their property," Ms Williams said.
Telina couple John and Yvonne are looking to downsize from their five-bedroom home at some point, but they're not ready to do so just yet.
"We don't want to sell in a market where it means we're going to lose money," Yvonne told The Observer.
"We've had a few real estate agents come by, and they've all advised us to hold off a little bit longer."
John said the speed with which some of the higher-priced properties around Gladstone were being snapped up gave him greater confidence than the town's tightening rental market.
"Yesterday one was listed at $799,000 - six months ago it wouldn't have picked up $625,000," he said.
"As soon as something hits the market which is well priced, it's gone."
Both Yvonne and John agreed they were always keeping an ear to the ground for word of new industry projects which might mean the time to sell was around the corner.
"Gladstone is boom and bust, it always has been," John said.
"We've hit the bottom and it's starting to come back up... but there's always a lot of uncertainty."
The turnaround of the residential property market started in November last year, when a spike in sales sparked excitement.
"We've seen support for better prices, there's more demand from buyers, there's been multiple offers on properties," Ms Williams said.
"That kind of stuff hasn't happened for a good five years. These are all indicators to me that the market has changed, that sentiment has changed."