2021 has been off to a flying start with property markets across the country experiencing unprecedented activity.
Gladstone has not missed out on the action, recording the second highest house price growth in the state, again only trailing Noosa. In the 12 months to January Gladstone house prices rose 9.1%.
Most interestingly is the analysis that this growth represents 83% in reclaimed value since 2015. Proudly, March was a record month of sales at Ray White Gladstone. During the month we helped over 60 families buy or sell their home, totalling more than $11 million worth of property. The business’s best recorded result in 41 years.
Further highlighting the strength of the entire Australian property market, is the fact that the Ray White group had a record month, transacting $8.7 billion worth of property in April, smashing the previous best by over $2b.
Driving the local market is simply demand from more buyers. Listing levels remain on par with the same period last year, however rising rental rates are creating stronger interest from tenants choosing to own their own homes rather than rent. The Gladstone rental market is continuing it’s rapid recovery and investors are now enjoying their best returns in the best part of a decade.
In March, we housed 114 tenants while receiving 284 applications. This demonstrates the overwhelming demand from tenants. Rental vacancy rates now sit at 0.75%.
We anticipate continued strong upward pressure on rents with the average rental rate of new properties leased around $100pw more than the same time last year.
With a deep pool of buyers and tenants, now is a great time to sell or rent your home.
Andrew Allen & John Fieldus Ray White Gladstone Co-Principals