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.

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