Newspaper article The Observer (Gladstone, Australia)

Investors Shy Away as Homebuyers Fly In

Newspaper article The Observer (Gladstone, Australia)

Investors Shy Away as Homebuyers Fly In

Article excerpt

Rebecca Danslow

Reporter

THE future of GladstoneCOs property market looks increasingly unstable with southern developers taking a step back from investing in the region.

Calliope real estate agent Daryl Turner said he has gone from having as many as 10 developers interested at a time, to just one or two. He wasnCOt surprised to see a prime 14.2 hectare site in Calliope passed in recently, well below its reserve.

Mr Turner said the marketCOs slowed significantly in the past six months. C[pounds sterling]ThereCOs still land available but the developers who are interested want it at rock bottom prices,C[yen] he said.

He said developers currently building had bought the land two years ago, and some developers are being put off by approval waiting times. C[pounds sterling]Development applications used to go through Calliope Shire Council and take six to eight months to be approved Co now it takes up to two years with Gladstone Regional Council. …

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