Since the new year, the Gladstone market has been starting to heat up. With increased buyer activity, we are receiving a higher volume of offers on our sale properties.
One of the main reason’s buyer activity has picked up is a direct result of tenants looking to enter the market while it is affordable. The combination of rental prices increasing and interest rates lowering means that tenants are motivated to purchase their own home rather than pay off someone else’s mortgage.
GLADSTONE MOVES FORWARD
This traction is very exciting and indicates that the Gladstone market is moving forward. Vacancy rates have been sitting below 2% for over 8 months which has allowed for a tight rental market; consequently, we see slight increases in weekly rent.
Local investors are starting to return to the market which is a positive sign of an improving market. In the past 6 months, many properties on the market are snapped up by Gladstone locals looking to start, or add to, their investment portfolio.
There are always whispers about what projects might be next to come. This gives local investors the confidence to make their move while the market is low and rental prices slowly rise.
While I do strongly believe the Gladstone market will continue to improve there is still a long way to go yet. Stock levels are low with plenty of vendors wanting to hold on and see what the next 1-2 years will bring.
Based on what we are seeing in the market, it’s my opinion that it is an excellent time for vendors to look at listing their property, if they can afford to do so. If a vendor is looking to upgrade or downgrade, now is a good time given limited stock and plenty of buyer activity.
Multiple offers are becoming the norm for many of our listings which is a positive process for sellers to help achieve the best possible price. The fear of missing out pushes buyers to put their best foot forward when they are in a multiple offer situation.
Increased buyer activity is also a prime driver of auction as a preferred method of sale for vendors. Not only can sellers achieve a great price, but the contract is unconditional (cash) at the fall of the auctioneer’s hammer.
WHAT’S MY HOME WORTH
Exciting times are ahead for Gladstone so strap in and let’s see what is to come. If you want to find out what your property is worth in today’s market, get in touch, and I’ll provide you with a no-obligation complimentary appraisal.