Continued sustainable growth expected in local property market in 2022

Continued sustainable growth expected in local property market in 2022

The demand for Gladstone’s residential property market continues to be strong, despite median house and unit prices taking a step back in the September (July to September 2021) quarter.

Latest data from the REIQ shows Gladstone’s median house prices fell 5.6 per cent, while September quarter median unit prices dropped 14.8 per cent.

Despite this dip our local government area posted growth over 12 months, with a respectable 15.7 per cent across median house prices and a remarkable 33.4 per cent across median unit prices.

REIQ Gladstone Zone Chair and LOCATIONS estate agents Principal Alicia Williams said quarterly measures can be good to review rental vacancy, but not necessarily housing growth.

“Sometimes there are a few sales that skew the data either way, so it’s important to look at the net overall change for the year,” she said.

“Most real estate agents in Gladstone had a very strong finish to the year, with inspections and enquiries over the holiday period.

“Coming into 2022 there has been a big push on appraisal requests as home owners and investors look towards their new year plans.”

Alicia said the continuing demand for properties to both rent and purchase was largely due to “lower interest rates, and a change in lifestyle preference, as well as strong migration into Queensland from neighbouring states”.

“The bottle necks associated with building, including increased costs, are pushing many buyers back into the established market,” she said.

“Overall our market has improved substantially, but we expect to see continued sustainable growth for the next 12 – 18 months as least.

“There may be some delays with land sales due to building supply bottlenecks and price increases, however there are buyers who are committed to building and have secured land now at very affordable prices.

“They understand that it may be 12 – 18 months before build completion.”

With Gladstone being flagged as a Hydrogen Hub, a continued demand for commodities, and the Federal Government’s business case into extending the Inland Rail corridor to Gladstone underway, confidence has returned to our market.

“We firmly believe that our local area has many positives and opportunities for the future,” Alicia said.