Gladstone, Central Queensland
When will Gladstone recover?
It’s the question Hotspotting is asked more than any other.
For several years up to 2013, Gladstone was the darling of investors, as its market rose on the back of industrial projects costing around $60 billion. Then it all went pear-shaped and investors were left with properties worth less than they paid.
The positive momentum gained in Gladstone’s property market in 2018 continues, with vacancies falling consistently for three years now. In that time there have been patches of price growth - but significantly, in the last quarter many suburbs have recorded an uplift.
The biggest single factor pointing to improved conditions is the marked reduction in the vacancy rate, down from 12% at its worst to around 3% in April 2019.
The Gladstone economy is recovering through a variety of projects which are now under way or in the pipeline. Unlike the recent mega projects, which were so big they created massive distortions in the economy and the property market, the latest projects are smaller and spread across a diverse range of industries.
This should provide a variety of job opportunities that doesn’t require employees to live in workers’ camps – one of the causes of the demise of the Gladstone market from 2014 to 2018.
Buyers are advised, however, to be cautious. Gladstone is a volatile property market, because of the local economy’s strong links to the resources sector. The history of this market is one of steep peaks and deep troughs, a trend which is unlikely to change.
This report covers the suburbs of Gladstone, Boyne Island, Clinton, Kin Kora, New Auckland, Tannum Sands and West Gladstone.