$278, 185 - The house median sale price. This is up by 5% over the previous quarter.
74 days - Days on Market (DOM) . Down by 4% over the previous quarter. Homes are selling faster
520 - Annual Sales Volume - Up 3% on previous calculated 12 month sales period
9.2% - Median Vendor Discount. Down 9% on the previous quarter. Sellers are not having to negotiate as much as the previous quarter. This means more money is landing in seller's pockets.
$140,000 - The unit media sale price. This is down 9.7% on the previous quarter
87 days - Days on Market (DOM). Down 9.5% on the previous quarter. Units are selling faster.
124 - Annual Sales Volume. Down 5.5% on previous calculated 12 month sales period.
8.3% - Median Vendor Discount. Down almost 6% on the previous quarter. Sellers are not having to negotiate as much as the previous quarter. This means more money is landing in seller's pockets.
There were only two registered land sales for the quarter. Land sales continue to struggle as buyers recognise they can buy established homes at better value in the current market. That said, now is the time to land bank if you can see the potential for good capital growth versus holding costs, or if you are planning to build in the future.
4.2% - Vacancy Rate. Up from 4.1% in the previous quarter. Rent for a three bedroom house held consistent with the previous quarter at $220pw on average, with a two bedroom unit increasing slightly from $155pw to $170pw for this quarter.
The end of 2018 saw good signs of growth, and confirmed the official status of the Gladstone Region being moved in previous months from the bottom of our property cycle, to the recovery cycle. The first three months of 2019 confirmed this trend and we can, at this point, say the bottom of the market is in the rear view mirror. With rents increasing as vacancy rates continue to tighten, and buyer demand starting to increase, as they realise price will now start the march north.
Any comparisons being made to the change in figures 5 years ago, is really a token number, given the Gladstone market was, at that point, in the peak of an over-inflated period, on the back of the gas plants construction on Curtis Island. We are now looking towards our "new normal" with positive outlooks and results creeping slowly back into the real estate landscape in our region.
If you have any questions, please don't hesitate to contact Shane McLeod on 0413331945
Source for figures: REIQ Market Monitor December 2018 Quarter
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