After successive quarters of positive price growth, the Gladstone housing market appears to have re-entered its long awaited recovery phase.
In fact, its performance over the September quarter secured Gladstone the top spot for median house price growth for all major regions in Queensland.
Over the September quarter, Gladstone’s median house price increased 11.8 per cent to $299,000 with 94 house sales recorded over the period.
If that wasn’t good enough news, the region came in number one for median house price growth over the year ending September as well, at growth of 3.7 per cent, which is a more solid indicator that the price falls may be at an end.
Like the housing market, Gladstone’s unit sector performed well over the year ending September.
So well, in fact, that it was number one for median price performance of all major regions, including Brisbane, in the state.
The median unit price in Gladstone increased 6.1 per cent over the year to $175,000.
With its residential vacancy rate also falling to just 1.8 per cent, it certainly seems that Gladstone’s market recovery is underway.
While it is certainly time to celebrate some much-needed market strengthening, median house prices remain well below the level of five years ago.
In September 2014, the annual median house price was $400,000 versus $280,000 in the year ending September 2019.
The region’s residential vacancy rate is now just 1.8 per cent to put it in the tight market range.
The downward trend in vacancy rate has been apparent for a number of years now with it reducing every year from 6.4 per cent in June 2017.
This significant reduction in rental supply is pushing median weekly rents, with rents for three-bedroom houses, three-bedroom townhouses and two-bedroom units all up over the year ending September.
The median weekly rent for three-bedroom houses and townhouses is now $240, and $180 for two-bedroom units.