Relief in sight for 'long-suffering' Gladstone landlords
WHEN a Gladstone home owner asks Terry Ryder for advice he says "be patient, things will get better".
The founder of Hotspotting said he receives questions about the port city more than any other regional town in Australia.
"(Investors and Gladstone home owners) are asking me 'what the hell do we do ... do we hold on or sell' and I always tell them to hold on," he said.
With the oversupply of homes absorbed, a declining vacancy rate and a rise in sales, Mr Ryder said "long suffering" landlords and home owners could finally expect some relief in 2018.
"It will be relatively modest increases, somewhere between 3 - 5%, but any growth is an encouraging sign for people who own property in Gladstone," he said.
Gladstone's vacancy rate has dropped to 5%, from its peak of about 12% mid-2016.
Mr Ryder said while it was still "too high" the declining trend was encouraging.
According to Corelogic there have been 781 sales in Gladstone so far this year, 48 more than the entire year in 2016.
LJ Hooker sales consultant Steven James said he could see Gladstone returning to the "good old days" next year.
Mr James has sold 18 properties in two months.
In what he explained was another positive sign, a Gladstone CBD unit is on the market for 10% more than what the last unit sold for earlier this year.
Mr Ryder said the increase in prices next year was dependent on job-creating projects going ahead and confidence returning to the region.
"Gladstone is this amazingly unique city, its economy and property market is distorted by big projects, it's quite unlike any other city of similar size," he said.
"You just hope that the property industry learns the lessons of the past, and developers don't go overboard when the projects do return in the future."