Unbelievable coastal bargain
HOW is this for a bargain?
A unit by the coast in central Queensland recently sold for almost the same amount as it did back in the 1980s.
The two-bedder at 1/21 Charles St, West Gladstone was the cheapest residential sale across Queensland for the week when it sold for $57,000.
Back in 1989 the same unit sold for $54,959, and in 1992 it was sold again for $50,000 according to data from CoreLogic.
The unit block was built in the '70s, and although it is showing its age it has all the essentials, is close to KFC, Aldi and Gladstone West State School.
The real estate market has had a tough couple of years in Gladstone, with high vacancy rates (though they are on their way down) and falling prices.
In the suburb of South Gladstone median house prices have dropped by 29.7 per cent over the last three years, and in West Gladstone the drop has been even harder at 42.9 per cent.