A recent study on house prices in the area has revealed an average increase of 16.5 per cent during the 12-month period between March 2011 and 2012. While the Real Estate Institute of Queensland’s (REIQ) March quarter median house price report, released on the 19th of May, saw positive results for the sunshine state’s property market, with the general trend showing increased sales numbers during the March quarter. REIQ chief executive officer Anton Kardash believes the report bodes well for the future of real estate prices in Queensland: “We predicted at the time that the March quarter data would be even more positive and it certainly is that.” “Property prices have grown in most areas and some regions have also experienced substantial increases in sales activity,” said Kardash.
In addition to the 16.5 per cent rise in Gladstone, the report also showed median price increases for Brisbane, Bundaberg and Rockhampton during the March quarter. Overall, the Fraser Coast was the top performer amongst the major regions, seeing growth of 7.8 per cent over the same period. As a resource centre, experts often look to Gladstone and other major mining and LNG hubs as early indications of the direction of the state’s property market as a whole.
“Historically, it has been our resource centres that have led the charge during Queensland property cycles, closely followed by Brisbane, then our tourism centres and this pattern does seem to be repeating,” said Kardash. Kardash added that while it was too early to make any definitive comments on the future direction of the market, he believes there a number of positive factors that could lead to further growth.
Meanwhile, there’s more good news for those with an eye on the Gladstone market, with the announcement on the 23rd of May of plans to begin construction on a new private haul road for Gladstone quarry. Jeff Seeney, deputy premier and minister for state development, infrastructure and planning says the road is a necessary investment. “Removing the existing heavy vehicle access directly from the main road and providing a new access from a Council-controlled road is a clear safety benefit for the community,” said the minister. Seeney believes the new road is a necessary development for the continued growth of the fast-growing township.