The December 2018 REIQ QMM Report was welcome news to many Gladstone property owners this week. According to the report, the median house price is now $270,000. This is approximately 37% less than the median house price the market witnessed during the unsustainable highs of the LNG boom period. The report also indicates that rental vacancy for the quarter finished up at 4.2%. Again, another great outcome given the rental vacancy of nearly 10% when the bust occurred.
What’s also good news is that Gladstone has been identified as the second strongest major house market in Queensland over the quarter. While investors may still be reluctant to get into the market given the below than average returns, there is no doubt that Gladstone is a very affordable proposition to first home buyers and second time buyers alike. Based not he data in the report, West Gladstone, Glen Eden and Calliope are recognised as the three most affordable suburbs in Gladstone for the year ending December 2018. Let’s take a look at some of the key attributes of each of these suburbs.
Centrally located alongside the CBD fringe and suburbia, West Gladstone is easily accessible but also affords property owners a wide selection of schools, shops and services right on their doorstep. West Primary, Gladstone State High, Birralee Kindergarten, the Night Owl Centre, Gladstone Base Hospital, Rossella School, Aldi and the Centro Valley Shopping Centre are all within a short 5 to 10 minute walk within and around the suburb. West Gladstone also offers a diverse range of dwelling types and styles with some properties close to 100 years old. There are also more modern pockets featuring lowest brick veneer homes with four bedrooms, two bathrooms and a double lock up garage. There is a mix of high density zoning too which makes West Gladstone a hot spot for developers.
Nestled in the south-east corner of Gladstone, Glen Eden provides a quiet, well-established alternative to the inner city counterparts. It is also only a short 15 minute commute to the coastal lifestyle, beaches and river at Tannum Sands and Boyne Island. Developed in the 1970’s, Glen Eden was one of Gladstone’s first architecturally inspired estates. Older homes within the suburb feature a mix of split level pole homes, some with harbour views and others on flatter blocks with Art Deco facades. More recently, the suburb has also welcomed newer developments including Gecko Valley (larger 1000m2+ blocks and executive homes) as well as Jabiru and Brookview Estate with exclusive access to the pool and gym recreational area available to estate lot owners only.
Often dubbed Gladstone’s country alternative, Calliope is a 25km drive from the port city. Typically an acreage choice for lifestyle blocks and farming, there is also a mix of standard residential lots and house available. Calliope High School stage one is due for completion in 2020 which has been welcomed by locals. The township already has a primary school and town pool as well a busy shopping precinct including cafes, newsagent, grocery store and post office. Historically Calliope has always been a cheaper alternative for buyers compared to Gladstone and this is largely due to buyer preferences and location of work for residents. Situated on the Bruce Highway, Calliope also services travellers passing through the town stopping for refreshments and fuel.