Updated March 21, Less than a decade ago this coastal Palmerston girl nightlife town was on property investors' wish lists, but today 80 per cent of homes are selling at a loss, taking an emotional and financial toll on families. Young couple Philip and Aleisha bought their first home in Gladstone inwhen their central Queensland town was still high on an unprecedented LNG construction boom.
The Singpe of fly-in, fly-out workers had first led to a severe housing shortage, and then an explosion of property development to cater to skyrocketing rental demand.
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Philip and Aleisha had some reservations about buying during the boom Simgle but Philip was earning good money as a tradie and they wanted to start a family. A place where we could do up their bedrooms, paint rooms, and make it nice Free Bundaberg adult cams the kids," Philip said. Gpadstone years later, Gladstone's mining boom is over, the work's dried up, the property market is oversaturated with brand new homes, and rental prices have plummeted.
New data released this week emn CoreLogic shows more than 80 per cent of Gladstone homes sold at a loss in the December quarter - the highest rate in Queensland. He lives there in a family friend's spare room, while Aleisha and their two young daughters stay behind in the Gladstone home, because they can't afford to rent it out or sell it at such a significant loss.
I'm missing stages of them growing up," Philip said. And I couldn't pay it, so I just had to give them the keys. I have a lounge suite, two display cupboards, and a coffee table and Singld all I own now at 53," she said. Gladstone mortgage broker John Whitten has seen his hometown go through several boom and bust cycles, but he believes this one was the worst by far. People losing their homes. Singlr Whitten also lays blame on market forecasts that hyped up the boom's future and on "greedy" property developers for oversaturating the market.
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