24 Mar Gladstone’s Real Estate: Autumn
After months of through-the-roof rental prices in Gladstone, will Autumn prove to be the time for our market to turn over a new leaf?
In 2019, Gladstone’s real estate sale and rental prices were at an all-time low. The average price for an investment-level unit was between $75,000 to $100,000, with rental prices costing around $200 a week.
Late 2021 and early 2022 saw these numbers double, with rental affordability increasing astronomically and housing availability decreasing.
CoreLogic conducted a report finding that buyer demand has started to slow for a number of reasons, including tighter lending conditions. Current home value growth rates around Australia are currently at their lowest since October of 2022.
A new lift in listings in the state has contributed to the decline in house prices, as availability for housing increases.
With an average rental in the Gladstone Greater Region now costing between $350-$500 per week, the rental prices are still much higher than they have been in previous years. However, with an increase in rental availability, there’s hope that we can avoid the housing crisis we have faced in previous months.
As of mid-March 2022, realestate.com.au sets the average house price in Gladstone at about $450,000. Again, while this number is still a lot bigger than we have seen in the past, with a slowing in sales numbers, we can hopefully expect to see a slight drop in housing prices as well.