Gladstone QLD - How is it Going????

Timkot said:
There is more downside yet as the projects to do with gas etc that were expected to by now be substantially letting staff go have not yet made the substantial layoffs as the timeline for completion of many projects has been pushed out. The report I read earlier in the year indicated serious layoffs starting in the second half of the year , however friends in the gas game advise me that projected completions etc were pushed out at least another 6 months.
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I actually don't think the layoffs from winding down on the LNG projects will have that much of an impact on the rental markets. A lot of the workers who were previously renting in Gladstone are now based in temporary accommodation, so they have already in effect been removed from the rental market (and also contributed to the rental falls already seen when they moved into temporary accommodation).

Of course, there are some workers who do still live on the mainland.
 
question

Hi all,
I've been following this thread pretty much since the beginning as I have always thought this was an interesting read especially since we decided to invest in Gladstone.
Now this brings me to my question. For the people that live up there or have a closer insight...
We did buy a block of land (736m2) in Seaview Heights (Clinton) about 3 years ago. its an elevated block with tiny bit of water glimpses in the back. Paid 205k and originally we intended on building but decided otherwise and are since just holding the land.
We did want to always sell it again but have made a big loss comparing all the prices in the area if we were to sell now.
What do you guys think? Is it worth holding on to the block? In the end it's just costing us dead money atm. such as rates, interest etc. We are just debating if we should just cut our losses now instead of paying another few years for nothing or until the prices are back to where they were.
We know we made a huge mistake... :eek: so please no comments about how stupid some ppl are. We get it and we most definitely won't make the same mistake again...
You only learn through it, right?! ;)

Any insight is much appreciated!
Thanks,
Mel
 
Maiskarottchen said:
Hi all,
I've been following this thread pretty much since the beginning as I have always thought this was an interesting read especially since we decided to invest in Gladstone.
Now this brings me to my question. For the people that live up there or have a closer insight...
We did buy a block of land (736m2) in Seaview Heights (Clinton) about 3 years ago. its an elevated block with tiny bit of water glimpses in the back. Paid 205k and originally we intended on building but decided otherwise and are since just holding the land.
We did want to always sell it again but have made a big loss comparing all the prices in the area if we were to sell now.
What do you guys think? Is it worth holding on to the block? In the end it's just costing us dead money atm. such as rates, interest etc. We are just debating if we should just cut our losses now instead of paying another few years for nothing or until the prices are back to where they were.
We know we made a huge mistake... :eek: so please no comments about how stupid some ppl are. We get it and we most definitely won't make the same mistake again...
You only learn through it, right?! ;)

Any insight is much appreciated!
Thanks,
Mel
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Tough one to call. Really depends on your personal situation of course and where you might otherwise reinvest. If you think it's better off reinvesting somewhere else, I'd consider selling but you would have to be prepared for the possibility of it sitting on the market for quite a while.

I'm looking at the empty block of land directly across the road from where I live as I type this, and it's still on the market after 4 months.
 
I bought Matusiks Gladstone report. FYI It was written earlier this month, so the news is up to date.

It should be useful for anyone who is wondering if they should buy or should sell.

I don't want to rip Michael off by telling you what is in this report, but I'm going to hold my two after reading it. It was worth the $55.

In fact, now is basically the perfect time to buy for the contrarian investors.
 
Arnoldus said:
Saw this in the news today, combined with grants for tourism promotion, it might reinvigorate the tourism industry in Gladstone.

http://www.gladstoneobserver.com.au/news/42m-project-half-finished/2298323/
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Gladstone is about the last place in Queensland I would choose to visit if I was a tourist. Unless I really wanted to see industry. As it is now, I warn people before they come to visit.

DavidMc said:
In fact, now is basically the perfect time to buy for the contrarian investors.
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This is a view I'm increasingly coming around to, even as others are running away from it.
 
norwoodman said:
Gladstone is about the last place in Queensland I would choose to visit if I was a tourist. Unless I really wanted to see industry. As it is now, I warn people before they come to visit.
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I see potential for Gladstone to be a gateway town like Airlie Beach is... doesn't need any nice beaches, just the right kind of tourism ventures setting up and taking advantage of the region.
 
Arnoldus said:
I see potential for Gladstone to be a gateway town like Airlie Beach is... doesn't need any nice beaches, just the right kind of tourism ventures setting up and taking advantage of the region.
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Already have Yeppoon and Agnes Water/1770 in the region for that sort of thing, and they are more worthwhile for a tourist to visit.
 
Jenko said:
Yeah tourist will flock to Gladdy.. Property prices will be on the way up............. Any day now! ;)
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If only sarcasm about Gladdy being a tourist location could lift prices, the locals would be doing all the heavy lifting. :)

The esplanade itself wont lift real estate prices... but if the council and locals can't leverage a $35million project aimed at improving amenities and providing a genuine esplanade with proper facilities for families then it will be an opportunity lost.
 
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"In fact, now is basically the perfect time to buy for the contrarian investors."

Wise words David. It looks like locals are taking advantage of the lower prices to secure an investment property for the longer term or get back into owner occupying again.

The boom saw a lot sell up and move elsewhere, cashing in on their homes.

Did a short talk at a Landlords Information night in Gladstone recently and according to the hosting agent (who has been around for a long time) that was the first such event pitched at locals. Everything else has been pitched at those living a long way away!
 
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Neil Richardson said:
Did a short talk at a Landlords Information night in Gladstone recently and according to the hosting agent (who has been around for a long time) that was the first such event pitched at locals. Everything else has been pitched as those living a long way away!
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I wish I would of known Neil would of loved to come along.
 
Prices have become very attractive to a counter cyclical buyer and also it seems locals are moving back into the market. I have definitely seen some good buys around town..
 
jud79 said:
Prices have become very attractive to a counter cyclical buyer and also it seems locals are moving back into the market. I have definitely seen some good buys around town..
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Agree, but need to be aware that prices are likely to fall a little more and might not increase again for a little while. In addition, a lot of the lenders with postcode restrictions on 4680 are refusing to do lends in over 80%. Cash is king.
 
Norwoodman, your correct borrowing is a problem, the banks are very very scared of negative equity. So many people I know would love to sell and have been trying to sell, but banks are not coming to the party, the valuations are coming in very conservative and the banks are running fearful of negative equity.
 
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