Agent concerned about amount of new housing approved
IT'S already skyrocketed to dizzying heights, but experts are warning Gladstone's "bonza" property market is facing a new transformation.
Nearly 3000 homes have been approved for development in Gladstone's newest estates, and Gladstone Property Solutions director Craig Maytom is concerned about how the housing boost will impact the market.
"I find it particularly scary the incline of the number of units within the Gladstone region. Once the construction phase is over, who's going to live in these inner city units?" he said.
"We will need to see a lot more construction workers and a lot more development come online for prices to further decline. Prices coming down are very reliant on more people coming to town."
Despite his doubts, he still holds some hope for the property market.
"There's definitely some potentially good buys in the market. In the end, the best time to buy is when you're really ready."
Director of LJ Hooker and Real Estate Institute of Queensland Gladstone zone chairman Mark Spearing said he disagreed with the concern.
"How much of these 3000 plus homes and units are actually built depends on the market conditions," he said.
"It's a simple market change. A change in supply and demand causes a change in marketing."
He had a lot more hope in the market, especially for buyers.
"We know that at the moment it's a buyers' market, not a sellers' market," Mr Spearing said.
"There is an easing on rental prices which was inevitable, the upward pressure had to ease, and it couldn't keep going how it was."
- Gladstone Regional Council has approved development at nine estates, totalling 2957 new properties
- New developments also feature 310 approved units
- Some of the major estates include Vantage, Little Creek, Oasis and Brookview
Do you think too many houses and units are being built in Gladstone?
This poll ended on 06 April 2013.
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New estate has most things family needs
A NEW modern estate has proved a happy change for the McEvoy family. The second week of January marked their arrival at their home in Emmadale Gardens.
"We were living in a temporary place in Mount Larcom," Deirdre McEvoy said.
The big family of six is enjoying the space, comfort, peace and quiet of the estate.
"The houses are a lot more spacious. It's a really nice area and it's quiet."
Although Emmadale is a short drive out of Gladstone the family is glad they're closer than before.
"We're a lot closer to the kids' schools and the shops, and it's a bit more of a built-up area than Mt Larcom."
The family is renting the home through Ray White Real Estate Gladstone.
"We also looked at a few houses in Glen Eden, but we preferred this location," Mrs McEvoy said.
Although the family is pleased with their property choice, there is still one inconvenience of the area.
"There's no bus service in this area, but that's the only disadvantage."
Deirdre and her husband Paul and children Kevin, 19, Conor, 15, Hannah, 11 and Zoe, 8, are all feeling very much at home.