The vacant land market for Gladstone LGA has seen much change over the last twenty years; heavily due to the expansion into new precincts and the peaks and troughs associated with the fluctuating population. However, over the past five years the population position of the region has not changed, with current estimates siting stable at 63,412. While new supply in this region has slowed, the Gladstone LGA still has over 1,400ha of broadacre land suitable for land subdivision which could yield over 7,500 new lots.
Currently, there are 273 lots registered and available for sale with a further 321 still yet to be registered; while this may be slightly down on last years result, this high volume of stock and slow sales rate continues to pressure values for the region. Median vacant lot values saw significant reductions this year with no population growth making new sales difficult. Encouragingly, there was a large uptick in house and land package median prices however the number of sales did see some decline.
Recovery for the Gladstone LGA land market may be still some time away, the impacts of COVID-19 on the local economy had been limited however the positive uplift of many regional centres in Australia has not been felt across this market. The slowdown in approvals and registrations over the last few years has been positive, particularly with the population not seeing any uplift, this has kept supply levels in check. Median lot size did move downwards last year however this has quickly reverted to a larger parcel size of over 1,000sqm which historically has been more attractive for buyers in this market.
Despite this however, the median sale price did continue to drop also affecting the overall rate per sqm. Most improvement for Gladstone this year has come from the house and land package market, while the number of sales have seen a small decrease off quality results seen last year, an outstanding level of growth in value has been recorded (14.00%) this period to achieve a median price unseen since 2016, this is testament to an ongoing demand by locals to purchase newly constructed assets.