Gladstone Property Market – Current and Future Insights
Are you interested in making Gladstone your home? Are you looking for a hot real estate market for an investment property? Situated 450 kilometres north of Brisbane, this regional hub has experienced some difficult years, but the coastal city of Gladstone seems to be bouncing back – at least, in some areas.
What’s Happening in Gladstone?
In 2021, the city of Gladstone had a population of 37,703, an increase of 5630 people since 2011. Much of this growth was kicked off by new construction, selling houses and land packages that attracted new people to the area.
Gladstone Property Prices
In Gladstone Central, the unit price has grown more than 12% over the last year, with a median price of $280,000 and a rental yield of 7.2%. Units are spending less than two months on the market.
House prices are down almost 3%, with median house prices of $330,000 and rental yields of 5.3%. Homes typically spend 39 days on the market.
Onwards to West Gladstone, property prices are flying high. The median house price sits at $400,000, with prices up more than 20% over the last year. With a rental yield of 6.1% and properties spending little more than a month on the market, it’s a popular spot.
For units, we see a similar increase in prices over the last year (27.5% respectively), with a whopping 7.9% rental yield, median price of $255,000, and properties selling after an average of 31 days on the market.
Gladstone Rental Prices
The median rental price for a unit is steady at $302 pw (growth of less than one per cent), with the average time on the market just 22 days. For homes, the median rent is $430 pw, an increase of 7.5% over the last year, and just 21 days on the market. When comparing demand to the number of available homes and units, it’s clear to see there are far more renters looking for a rental property than there are rental properties available, which is evidenced by how quickly they’re snapped up once listed.
Overall? Things are promising for Gladstone, and whether you’re looking to buy or invest, it might be the perfect place to start your search.
Future Projections for the Gladstone Property Market
West Gladstone is tipped to be one of the hottest suburbs in the country in the upcoming year, so now would be the best time to jump into the market to find a suitable property, especially because winter is one of the most popular times of the year for buying and selling properties in Queensland.
The area has seen massive investment from Queensland Renewable Energy, and with that investment comes a spate of employment opportunities sure to attract new residents on the hunt for great properties.
For investors, these new residents expand the rental market, allowing you to keep your vacancy rate low and your rental yields high. The time to act is now, though, because inevitably, the influx of industry investment will lead to new build properties, which will help drive population growth and make the property market more competitive.
Gladstone Industry
For decades, mining was the predominant industry in Gladstone, but the city has a different story to share now. Its idyllic location near the southern end of the Great Barrier Reef has driven a thriving seafood industry, and with easy access to Herron and Curtis Islands, the area is seen as a prime spot.
Gladstone is home to Queensland’s largest multi-commodity port and remains one of the largest coal export terminals in the world. It also boasts a strong tourism industry, with the port welcoming cruise ships from all over the world, fuelling local hospitality and retail businesses.
While the mining rush is over, employment opportunities in Gladstone still abound, thanks to industry, including a power state, water board, energy resources, refinery, smelters, and cement companies.
The presence of industry within Gladstone can present issues, including an environmental impact. If noise and air pollution are dealbreakers, you’ll want to steer clear of industrial areas and look at rural properties.
However, the government heavily monitors the area’s water and air quality, as well as marine health. Gladstone is one of Australia’s most tested waterways.
People and Employment in Gladstone
If you’re looking to invest, it’s worth keeping an eye on people and employment because higher employment means lower vacancy rates, which leads to greater housing demand and a stronger market.
While the area has steadily grown in population over the years, it should be noted that one of the reasons for this is steady employment rates. According to Gladstone Regional Council, the leading employment sectors in the area are agriculture, forestry and fishing, mining, manufacturing, electricity, gas, water and waste services, construction, wholesale and retail trade, and accommodation and food services.
To break that down, around 25% of the population are technicians and trade operations, 21.5% are professionals, 11.8% are community and personal service workers, 9.6% are clerical and administrative workers, 9.1% are machinery operators, and 8.7% are managers. The majority of workers commute via car.
Gladstone Attractions and Lifestyle
Known as the gateway to the Southern Great Barrier Reef, Gladstone has no shortage of natural attractions to see – and the relaxed coastal town offers culture and lifestyle, too! Explore what’s on offer, including;
· Heron Island – snorkel this unforgettable coral cay
· Curtis Island – for 4WD adventures and fishing
· Auckland Point Lookout
· Gladstone Entertainment and Convention Centre
· Gladstone Aquatic Centre
· East Shores Precinct – including a water play park and waterfront boardwalk
· Gladstone Maritime Museum + HMAS Gladstone
· Calliope River Historical Village
· Agnes Water Beach – Queensland’s most northerly surf beach
Final Thoughts
With clear price growth in the area, steady rental rates, and high yields, it’s a good time to consider buying in Gladstone. As always, thoroughly research before making your decision.
