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Gladstone's affordability

Wednesday, December 05, 2012

Gladstone's comparable affordability -

Gladstone's $455,000 median price put the reional Queensland coastal town among the more affordable of mining town investment options, according to Ray White Real Estate director Andrew Allen.

"Compared to the cost of housing in other mining and industry towns, such as Moranbah which is about $700,000-$800,000 for a home, it is certainly more affordable than that," Mr Allen suggested.

Andrew Allen told the Gladstone Observer there was an income gap within the district.

House prices in the Queensland’s mining town of Gladstone fell 4.2% over the September quarter, but are not indicative of a softening in the market, according to the Real Estate Institute of Queensland.

The 4.2% drop to a median $455,000 was recorded from just 19 sales.

Data for 12 months of sales show the median house price has risen by 13.1% to $475,000.

New projects include residential developer Devine Limited launching a new $1.4 billion master-planned community - Riverstone Rise - in Gladstone in April, which is expected to have 2,900 homes upon completion.

Gladstone is located 100 kilometres south of Rockhampton and has a vast number of liquefied natural gas (LNG) and coal projects in development.

The residential area of Gladstone is made up of nine suburbs: Clinton, Glen Eden, Kin Kora, New Auckland, South Gladstone, Sun Valley, Telina, Toolooa and West Gladstone.

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