Buyers are spoiled for choice in industrial hub as approvals soar
WHEN Phillip and Neermala Cash moved to Gladstone last year, they were spoiled for choice in the property market.
Skyrocketing rates of residential building approvals meant plenty of property was available.
“The sheer number of subdivisions here now is just extraordinary,” Mr Cash said.
“I was looking for something with a point of difference that was going to have enduring value.”
The couple chose a hilltop home in Villa World’s Little Creek estate in Kirkwood, one of five estates under construction along Kirkwood Rd.
Villa World development manager Murray Simpson said developers were attracted to the Kirkwood area after Gladstone Regional Council allowed urban expansion about five years ago but Little Creek stood out from other estates with its bushland, creek and topography.
“We’re getting owneroccupiers but also, on the back of a lot of press about the growth associated with development, it has attracted investors as well and we are getting a good selection of first-home buyers,” Mr Simpson said.
REIQ zone chair for Gladstone Mark Spearing said Gladstone’s property market was not currently at its strongest but that it worked in ebbs and flows.
“The sales volumes have decreased quite significantly but that was from frenzied sales activities of the past few years,” he said.
“The market in Gladstone has always been driven by the growth of the region and we see spikes driven by major industry.”
He said there was a slight oversupply of property at the moment but this had been necessary to balance choice and price. With more property available, rental vacancy rates have also loosened, increasing from 0.9 per cent in the 12 months to September 2012 to 5.8 per cent a year later according to REIQ figures.
Mr Cash, who is the CEO of Gladstone Airport, said now was an exciting time to be in Gladstone.
“Gladstone is well positioned for continued growth and to attract major projects,” he said.