There has never been a better time to buy in Gladstone! And it’s not just real estate hype either. With recent project announcements, a strengthening resources and commodities sector and record low interest rates, Gladstone has all the foundations for long term, sustainable growth.
Over the last 6 months we have seen strong confidence back in our market and for good reason too.
Here are my top 5 buying tips for the Gladstone market:
1 – Lots of buyers are looking 3 to 6 months out from purchase date. This is a great opportunity for buyers to get a feel for what they can get for their money. I recommend buyers speak to their financier and put a plan into place so they can meet the banks’ criteria around deposit, employment and credit score
2 – Retirees are slowly but surely moving up to areas like Gladstone because they can live debt free (affordability) in a great climate. Lowset homes with easy care gardens and flat blocks are popular because it provides a space for the caravan and room for the grandchildren to play.
3 – Cheap is cheap and not necessarily a good deal. Although a property may be a bargain, it pays to do your research and get a qualified building and pest inspector to provide a thorough report. Know what you are buying and what the real cost is to renovate or just make the property safe / compliant. If you have to hire contractors this can potentially blow your budget.
4 – Savvy investors are seeing real value in the Gladstone market. Cash offers, favourable conditions (if any) and a quick close are now commonplace for properties that offer good rental yield, are in a quality location and are relatively near new or new for depreciation purposes. Some investors are considering older homes with minimal maintenance but the opportunity to develop later on dependent on the zoning. Check out the Gladstone Regional Council town planning scheme for more information.
5 – LOCATION, LOCATION, LOCATION! Not only does it pay to buy close to town for development potential and convenience, but buyers now have confidence in acreages so areas like Beecher are back on the agenda. The option to either sell their existing home and upgrade or rent their existing home is dependent on available equity and ability to service an extended loan. Sellers and buyers looking to buy and sell in the same market should always consult their financier first so they are well prepared on all available options. Speaking to a financial planner and accountant will also provide valuable insight into tax planning and a plan to sell if required.
In the last month we have had news of an approval for an Ammonia Plant (Australia Future Energy) with construction is due to commence in 2020 pending an EIS. A high tech abbatoir has also been floated for Gladstone too. There is also wind that the Hummock Hill development will be back on the cards. Earlier this year we learned that Acciona Australia were awarded the contract for the solar plant in Aldoga within the State Development precinct outside of Gladstone. Construction is also set to commence mid 2019.
Stay in Touch
For more information about the Gladstone market please get in touch. I would be more than happy to discuss your property goals and how we can help you achieve them.