Gladstone

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Back in 2011 Gladstone property was all the rage.
Unfortunately the predicted housing boom was based upon temporary factors, including a resources construction boom which finally an almighty peak in Queensland in the first quarter of 2013. 
As construction turned to production, the housing boom turned to dust, despite unfounded claims that the new residential development could never lead to oversupply.
Over the last three years alone asking rents for houses have collapsed by 46 percent. 
Units have fared even worse with asking rents down by 56 percent (for landlords lucky enough to find a tenant). 
<a href="https://www.propertyobserver.com.au/images/2017/03/21/ENG.jpg" target="_blank">Click to enlarge</a>
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Source: SQM Research
Dwelling prices have followed a similar pattern, albeit in a marginally less painful trajectory, with unit prices down by 40 per cent over the past three years. 
It looks as though the market may finally be set to move into equilibrium as the glut of supply is absorbed and the LNG export boom ramps up. 
Vacancy rates in Gladstone have now been falling for 9 months, while rents and prices seem to be consolidating or forming some kind of bottom. 
<a href="https://www.propertyobserver.com.au/images/2017/03/21/G2.jpg" target="_blank">Click to enlarge</a>
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Source: SQM Research
It's all too little and too late for those that bought off the plan at the heady market peak, but it looks likely that the worst is over for now. 
Even engineering construction activity began rising again in Queensland from the first quarter of calendar year 2016, but this time around resources projects have not been the driver, although the Adani project is still potentially lurking in the wings. 
<a href="https://www.propertyobserver.com.au/images/2017/03/21/G1.jpg" target="_blank">Click to enlarge</a>
<a href="https://www.propertyobserver.com.au/images/2017/03/21/G1.jpg" target="_blank"><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/03/21/G1.jpg" alt=""></a>
 
PETE WARGENT is the co-founder of <a href="https://allenwargent.com/">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/">blogger</a>.
His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx">Four Green Houses and a Red Hotel</a>.
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Gladstone nearing the property bottom

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Queensland's Gladstone has the cheapest property rentals of the country.
CoreLogic calculated Barney Point has the cheapest house median rental and South Gladstone has the cheapest when it comes to units.
There is a three bedroom Barney Point cottage at 8 Callide Crescent <a href="https://www.realestate.com.au/property-house-qld-barney+point-415504567" target="_blank">available at $170 a week</a> (above).
Blackall, Clinton, Calliope and West Gladstone are also on the national top 10 list for 2017.
 
Houses                    Median Value Median Rent
Qld Barney Point Gladstone $186,162 $150             
Qld Blackall Blackall Tambo $175,361 $150             
Tas Zeehan West Coast $96,377 $150                     
Tas Rosebery West Coast $91,907 $160                  
Tas Queenstown West Coast $93,707 $160               
Vic Ouyen Mildura $124,315 $160                            
WA Kambalda East Coolgardie $90,978 $160             
SA Peterborough Peterborough $109,475 $165          
SA Coober Pedy Unincorporated SA $130,463 $170     
Qld Dysart Isaac $98,187 $170                                  
 
Units 
Qld South Gladstone Gladstone $120,964 $120
Qld Clinton Gladstone $241,178 $120
SA Whyalla Stuart Whyalla $146,462 $135
SA Millicent Wattle Range $172,655 $143
SA Whyalla Norrie Whyalla $158,967 $150
Qld Tannum Sands Gladstone $184,350 $150
Qld Calliope Gladstone $174,677 $150
Qld West Gladstone Gladstone $170,353 $150
Qld Barney Point Gladstone $135,473 $150
SA Whyalla Whyalla $166,005 $153
 
 
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Queensland's Gladstone has Austraia's lowest median rentals

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The prestige market in Gladstone has been very thinly traded over the course of 2020, according to the November report from Herron Todd White.
In 2019, we saw two sales occur above $1 million. In 2020, the highest sale to date has been a rural residential property in Wurdong Heights for $840,000. This 6.32-hectare property is located on an elevated allotment with 270-degree panoramic views (east to the Boyne River, south to Many Peak Ranges and north overlooking natural bushland).
The dwelling itself was a mid 1990s four-bedroom, two-bathroom residence with extensive outdoor areas to take advantage of the views. Other features include shed space, golf buggy with built in charging station and a concrete cyclone bunker built into the side of a cliff.
Another prestige property in the dress circle location of Parksville Estate in New Auckland that has recently gone under contract. HTW are unable to disclose the purchase price at the time of writing, however can advise that the asking price was $889,000 and the purchase price was very close to the asking price. The property comprises a large, high quality home with all expected features plus sheds, a pool and spa on a 5,422 square metre near level, extensively landscaped lot.
This location is very sought after. Two vacant allotments recently sold for around $300,000 each in this estate.Also located in the estate is 2 Parksville Drive which we mentioned in last year’s prestige issue when it sold for $1.04 million.
There are currently about a dozen properties in the region listed for sale above $1 million. Most are rural residential properties, however a couple are large, modern, inner city dwellings that take advantage of amazing harbour views.
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Gladstone prestige market activity at rock bottom: HTW

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There has been little change in regard to COVID-19’s impact on Gladstone’s property market, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm suggests in locations across the nation, the downtime delivered by isolation has spurned on owners looking to improve their assets through maintenance and upgrade. 
This month’s HTW report highlights where renovations are on the rise and the price points and outcomes those markets can expect.
"It’s just about business as usual for our market. Sales continue to tick over with no evidence of any further declines in value," the valuation firm said. 
The HTW report notes rental vacancies remain tight with a vacancy rate of 1.6%, the lowest they have been since the peak of the market.
Affordability is still the key driver in our market and while we are not out of the woods just yet, it’s looking more and more likely that COVID-19 will be remembered as just a very minor blip on the radar for Gladstone’s residential market.
In terms of renovations, there has really been very limited activity in the past 12 months, apart from every man and his dog doing minor maintenance or landscaping work during lockdown, the report noted. 
The reason for the lack of renovation work is really unknown. Despite the market looking up, a significant portion of homeowners in Gladstone would have negative equity in their homes from the market downturn, so in essence cannot afford to renovate.
"We’ve seen the odd, full internal renovation, in most cases of a mortgagee sale property that is in a state of disrepair and that sold towards the bottom of the market range.Completing only minor cosmetic works to these types of properties adds considerable value to the property," the valuation firm dais. 
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While not quite considered a renovation, construction of new sheds on existing properties has surged over the past several months.
"The reasoning behind this sudden increase in sheds being built is also unknown. Interestingly, the size of the sheds is also increasing," the valuation firm said. 
Once upon a time, a six metre by six metre shed in the back yard was the norm, however this is no longer the case. Longer and wider sheds with higher clearance are becoming the norm along with features such as mezzanines and internal bathrooms.
"We have also noticed a distinct uplift in pricing for sheds in the region. Costs appear to have jumped about $100 per square metre in the past few months and this sudden jump in cost has not yet been reciprocated in the added value of a shed to a property." 
An original three bedroom home in West Stowe with a renovated kitchen has recently been sold for $278,000.
The four bedroom, one bathroom house is situated at <a href="https://www.realestate.com.au/sold/property-house-qld-west+stowe-132524586" target="_blank">1130 Calliope River Road</a> (pictured below). 
It features hardwood timber floors, three bay shed and mountain views.
The property was last sold in 2012 for $60,000. 
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A new listing is a renovated home in Sun Valley priced at $179,000.
The three bedroom, one bathroom house is situated at <a href="https://www.realestate.com.au/property-house-qld-sun+valley-133794026" target="_blank">2 Franmaur Street</a> (pictured below).
It comes with three bedrooms, lounge and dining areas, functional kitchen and covered entertainment area. 
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Gladstone sees limited renovation activities: HTW residential 

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Gladstone has mostly always managed to live in its own little bubble when it comes to how its market performs, according to a recent Herron Todd White (HTW) residential repot. 
<div>The current COVID-19 epidemic is going to have a negative impact on key drivers, so it will be interesting to see what impact this may have on the property market in the short to medium term, the valuation firm said.</div>
It has at various times over the past few decades bucked the trends that were occurring around the state at the same time, such as when most other regional markets were suffering the effects of the GFC, Gladstone remained relatively buoyant on the back of major industrial announcements which would eventually turn into the biggest boom period Gladstone had ever seen.
"No doubt about it, Gladstone has been and probably always will be a boom and bust town whose residential market is not too heavily influenced by national or international trends but one that is definitely driven by strong local drivers," the valuation firm said. 
Major industry announcements have the potential to change Gladstone markets on their heads basically overnight and these announcements, followed by boom periods, have occurred several times over the past few decades – think LNG, Yarwun 2, the refinery and the smelter.
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Over the past few years, the market has been driven by something most people are not accustomed to in our region and that is the affordability of property, the report noted. 
"Yes, Gladstone went from being one of the most expensive regions to live in the state to one of the cheapest regions in the space of about five years.
"Affordability is likely to remain the key driver for our markets in the foreseeable future," the valuation firm said. 
While there is always talk of new industrial projects in Gladstone, more often than not, it remains as just talk. There are no major industrial projects of substance that will have a massive impact on our markets, however smaller projects such as the proposed solar farms, the proposed hydrogen plant and the Phillip Street Communities precinct will have positive flow on effects for our markets and our economy.
"On the back of affordability, we have seen a definite shift in the residential market with a good mix of buyer types currently active in the market, including first home buyers, upgraders, empty nesters and investors.
"We predict the market will move slowly and steadily over the next few years basically until the region meets a more realistic price point which is in line with its regional neighbours or another major industry project approval is ticked off creating another boom. " 
A recent sale was a three storey unit in Gladstone Central
The <a href="https://www.propertyobserver.com.au/The%203/46%20Yarroon%20Street." target="_blank">3/46 Yarroon Street </a>home (pictured below) has been sold for $195,000.
It comprises three bedrooms, three bathrooms, open plan lounge, modern kitchen and dining. 
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<div>A South Gladstone renovated house is currently on the market with a price guide of $259,000.</div>
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<div>The three bedroom, one bathroom home is situated at <a href="https://www.realestate.com.au/property-house-qld-south+gladstone-133438366" target="_blank">94 Elizabeth Street</a> (pictured below).</div>
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<div>It features ceiling fans, extra-large timber deck, double garage and established gardens. </div>
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<div>Note regards COVID-19</div>
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This edition of Month In Review had its topic defined in late February with submissions from our offices collated through to late March. During this period, shifts in the social and economic landscape due to COVID-19 became increasingly dramatic, as demonstrated by the varied information provided by offices over the course of three weeks. 
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<div>This month’s residential theme on baseline property market drivers remains a common thread, and provides an indication of what influences to monitor as the property sector recovers post-crisis.</div>
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Gladstone property market expected to move steadily over the next few years: HTW residential 

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Slow and steady growth is expected over the course of 2020 in the Gladstone region, according to a recent Herron Todd White (HTW) residential report. 
The valuation firm ask their valuers to give an educated outlook on the residential market in their service areas.
"The market is still being driven by affordability and we will likely see further value increases across 2020," the valuation firm said. 
"We expect rental levels to continue to increase on the back of low vacancy rates (the current vacancy rate sits at about 1.8 percent)." 
A two bedroom apartment in Gladstone Central has been listed for rent with a price of $260 per week. 
Located at <a href="https://www.realestate.com.au/property-apartment-qld-gladstone+central-411938087" target="_blank">235/75 Central Lane</a> (pictured below), the apartment comes with two air-conditioned bedrooms, open plan living area, kitchen and balcony. 
There is a single undercover car parking. 
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The trend in new construction activity is expected to remain steady. 
Builders are currently reporting high enquiry levels, however the supply of land is limited.
The report notes near level, 800 square metre plus allotments are in greatest demand.
A Sun Valley home sitting on 1,283sqm block with harbour views has recently been sold for $710,000.
The five bedroom, three bathroom house is situated at <a href="https://www.realestate.com.au/sold/property-house-qld-sun+valley-126848798" target="_blank">12 Trinity Place </a>(pictured below).
The home comes with large living and entertaining area, kitchen with Miele appliances and heated in ground pool. 
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There is still an oversupply of small lots in Gladstone.
"We have seen a recent trend of developers combining two or more smaller allotments to create larger lots to suit current demand. We expect to see more of this in 2020," the valuation firm said. 
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Gladstone property market expected to see slow and steady growth in 2020: HTW residential 

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The residential market in the Gladstone region has stabilised over recent years after a very volatile patch, according to the latest Herron Todd White (HTW) residential report. 
The HTW report notes since the beginning of the year there has been limited sales activity of homes on standard residential lots over the $600,000 price point and unit sale prices top out at just over $200,000.
The city of Gladstone is the largest multi- commodity shipping port in Queensland so as a consequence most eye-candy property in the region takes advantage of water views.
"Tannum Sands and Boyne Island are two localities situated on the coast to the south of central Gladstone and seem to have the majority of 2019 residential home sales at the upper end of the market.
"One property worthy of note in this location is<a href="https://www.realestate.com.au/sold/property-house-qld-tannum+sands-128720926" target="_blank"> 5 Di Street, Tannum Sands </a>(pictured below) which has frontage to the Boyne River and sold in July 2019 for $750,000," the valuation firm said. 
The property offers uninterrupted river views from a two storey, four-bedroom, three- bathroom modern home with an inground pool.
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"When considering eye-candy residential property in Gladstone, it is difficult to go past 2 Parksville Drive, New Auckland," the valuation firm said. 
This modern resort style home won the CQ Master Builders Housing and Construction Awards 2013 for best individual home and swimming pool, outdoor living and landscaping prizes.
Owned by a local builder, the property sold for $1.04 million in May 2019.
Located on a 2,806 square metre block, the architecturally designed home offers four bedrooms, three bathrooms, state of the art kitchen, butler’s pantry, sound proof media room, relaxing urban views over the L-shaped pool and a 165 square metre shed with kitchen, bathroom and mezzanine floor.
The report notes 2019 prestigious unit sales only include a luxurious penthouse apartment in the Aspex complex which sold in April 2019 for $810,000. This is a significant reduction from the previous sale in 2011 at $1.4 million.
The modern apartment offers 302 square metres with four bedrooms, three bathrooms and a sky terrace with views of Auckland Creek Inlet and the Gladstone Marina.
The top end price listing has to be 6 Cormorant Close, South Gladstone (pictured below) with a list price of offers over $1.4 million.
The property has been on the market since May 2019 and is significantly discounted from its previous sale price in 2015 of $1.84 million.
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Having a land area of 1,151 square metres, this architecturally designed home offers six bedrooms and three bathrooms over six different levels and three outside entertaining areas.
An L-shaped pool including 12.5 metre lap pool and waterfall blade is also a feature.
Boasting ocean and bush views the home also offers a custom designed art room with 100-year-old recycled timber flooring, gymnasium, wine cellar and mud room.
Internal size is advertised as 672 square metres.
"You had me at wine cellar!" the valuation firm commented. 
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Most eye-candy properties in Gladstone take advantage of water views: HTW residential 

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Over the first half of 2019, the Gladstone residential property market has continued to show positive signs, according to the latest Herron Todd White (HTW) residential report.
"We have seen minor capital growth of 5% to 10% in some market sectors and some locations in the region," the valuation firm said. 
The report suggests that this growth is certainly not across the entire market however it definitely continues the momentum from 2018 in a positive way.
The market is still being driven by its affordability, with limited new employment opportunities in the region.
A recent sale was a West Gladstone four bedroom house with views towards Mt Larcom and the harbour.
It has been sold for $335,000.
Located at <a href="https://www.realestate.com.au/sold/property-house-qld-west+gladstone-128014414" target="_blank">12 Piper Street</a> (pictured below), the house comes with four bedrooms, separate carpeted lounge room, entertaining area or rumpus room, and tiled outdoor area.
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"We expect affordability to be the driving factor of our market for the foreseeable future," HTW said. 
Rental levels have continued to rise across 2019.
A fully renovated two bedroom house at West Gladstone has recently been listed for $200 per week. 
Located close to the city, the house at <a href="https://www.realestate.com.au/property-house-qld-west+gladstone-404988845" target="_blank">16 Fowler Street </a>(pictured below) comprises two bedrooms, lounge room, separate dining room, new kitchen and sunroom. 
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In most cases rents are jumping 10% per week each time a six-month lease is renewed or commences.
Vacancy rates are hovering around the 3% mark and have remained relatively stable so far this year.
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Gladstone market showing some positive signs: HTW residential 

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A Gladstone coastal land holding with development opportunities has been listed for sale via expressions of interest.
Situated at <a id="LPlnk706759" href="http://ecomms.raywhite.com/collect/click.aspx?u=jRYOrR8N39R+6hBQZ7yXMt0Z3VIjNMZG40szXCCu3Sh5Ey0w4Kgy1BZFFL9hk1g2ZHtHaapiIlE=&amp;rh=ff004855b575d2bd990ec549984891183d3498d4" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">485 Tannum Sands Road</a>, the parcel offers 1,511 hectares of land across three titles and comes with main road frontage that allows for access. 
The site is being marketed by Ray White Special Projects QLD directors Tony Williams and Mark Creevey.
Williams said the asset was directly adjacent the approved $1.2 billion Hummock Hill Tourism redevelopment and offered potential buyers a number of different options.
“Here we have an excellent potential master planned development and/or tourism venture opportunity, subject to relevant approvals,” he said. 
“What is in place though, is existing permits for sand mining operations, with approvals to clear vegetation in-line with those permits.” 
Creevey said the location of the site was a drawcard and was complemented by the potential growth around the asset. 
“The parcel adjoins existing residential development as well as being surrounded by proposed tourism projects and commercial redevelopment,” he said. 
“Being positioned so close to the Bruce Highway, offering connectivity north and south, is another real positive for the site.” 
Expressions of interest close March 20 2019.
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1500 hectare coastal Gladstone land holding with development potential listed

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The gloom around the around Gladstone land market could be showing signs of lifting, with an uptick in sales volume and limited new supply giving opportunity for existing stock to be absorbed offering positive signs, according to Ray White.
Ray White’s Head of Research Vanessa Rader said there has been much-needed downward momentum regarding the advancement of new development of vacant land over the last five years.
“This slow addition of stock has been welcomed by the local market with the need to absorb these existing high stock levels,” Ms Rader said.
“The Gladstone LGA has a further 1,520ha of broadacre land suitable for land subdivision which could yield over 8,000 new lots.
“Data collected by Ray White Commercial shows there are currently over 400 lots registered and available for sale, with a further 300 completed, but yet to be registered.
“This high volume of available stock coupled with the slow sales rate has taken a toll on the median values achieved for both vacant land, and house and land packages in the region.”
<a href="https://www.propertyobserver.com.au/images/2019/2/12/gladstone%201.jpg" target="_blank">Click here</a> to enlarge:
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/2/12/gladstone%201.jpg" alt="">   Ray White Commercial Gladstone Director Andrew Allen said vacant land sales and limited lot approvals and lot registrations in the past 12 months have offered much-needed positivity to the market.   “It's encouraging to see lot registrations and lot approvals are down on five and 10-year averages, giving the market time to continue to recover,” Mr Allen said.
<a href="https://www.propertyobserver.com.au/images/2019/2/12/gladstone%202.jpg" target="_blank">Click here</a> to enlarge:
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/2/12/gladstone%202.jpg" alt="">   “Positivity really lies in the vacant land sales, where we saw a total of 148 over the past 12 months, showing an increase of 55.79 per cent.   “The slowdown in approvals and registrations is key to not further flood the market with stock, also encouraging is the median lot size has again rebounded to 861sq m.   “This reversion back to larger lots is more in line with local demand which is in the 800-1,000sq m size range.   “With the bulk of lots currently on the market in the sub 600sq m size range, we’re seeing more buyers investigating the idea of purchasing two lots side by side, to amalgamate into a larger land parcel.   “This changing trend could attribute to the increase in vacant land sales in the 2017/2018 period. These are the first signs of improvement for many years for the region.”
<a href="https://www.propertyobserver.com.au/images/2019/2/12/gladstone%203.jpg" target="_blank">Click here</a> to enlarge:  
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<a href="https://www.propertyobserver.com.au/images/2019/2/12/gladstone%204.jpg" target="_blank">Click here </a>to enlarge:
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*Ray White Between the Lines Commercial Research – Gladstone LGA Vacant Land Report – January 2019.
<img src="https://www.urban.com.au/images/2019/2/12/Gladstone%20lot%201.JPG" alt="">
An example of a recent vacant land sale in Gladstone is <a href="https://www.realestate.com.au/property/5-stewart-st-west-gladstone-qld-4680?pid=p4ep-pdp%7Csold-pdp:property-history-cta#timeline" target="_blank">5 Stewart Street, West Gladstone</a> (pictured above).
The 450 sqm block sold for $62,500 in November 2018.
It previously sold for near triple that amount, $170,000, in 2010.
<img src="https://www.urban.com.au/images/2019/2/12/Gladstone%20lot%202.JPG" alt="">
Another West Gladstone land sale took place in November, <a href="https://www.realestate.com.au/sold/property-residential+land-qld-west+gladstone-202253962" target="_blank">5 Murray Street</a> (pictured above).
The vacant 1,397 sqm block sold for $67,000
Last sold in 2017 for $54,890 it is a fully fenced block.
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