CQ poised for ‘decade of development’
A CAPRICORN Coast residential estate getting the go-ahead to expand was just the icing on the cake for business leader Mary Carroll who says the region is poised for “a decade of development ahead”.
This week Livingstone Shire Council gave the green light to construction of an additional 119 homes at Sea Haven Estate in a sign that the Capricorn Coast continues to grow.
Yesterday Ms Carroll, CEO of Capricorn Enterprise, said recently released data from a variety of sources confirmed what she had been saying all along.
“There are signs of a positive and growing economy in our region,” Ms Carroll said.
“With the number and size of the major projects across the region requiring substantial numbers of workers, growth in employment, housing and population is likely to continue for a decade or more.”
Ms Carroll said following a period of steady rents and declining house prices teamed with few building or lot approvals prior to 2019, recent data showed tightening rental vacancy rates, increasing rents across the region and higher median house prices.
“More lot and building approvals have also been given, indicating growing confidence in our region,” she said.
Ms Carroll said median rents had increased across the region in the June quarter 2019 with a median weekly rent of $230 for two-bedroom flats/units, $290 for three-bedroom houses and $350 for four-bedroom houses - increases of 4.5%, 3.6% and 6.1% respectively from the previous quarter.
Median house prices were $310,000 on the Capricorn Coast and Rockhampton Region in the year ended March 31, 2019.
“This was higher than for the year ended December, 31, 2018 ($305,000),” she said.
Ms Carroll said building approvals for dwelling units had increased each quarter from the December quarter 2018.
“As rental vacancy rates tighten and rents increase, the construction industry has been responding with greater confidence in the market.”
Ms Carroll added: “We knew that the major projects underway and planned for our region would attract new residents and visitors and encourage development.
“This is now reflected in the published statistical data.”
Amanda Millers, sales manager for Keppel Developments, the group behind Sea Haven Estate, reinforced the positivity in the property market at present.
“The outlook for the Capricorn Coast is great,” she said.
“Rental vacancies are dwindling which inevitably drives the cost of renting up.
“Renters are starting to realise they can own their very own home for similar costs to what they’re already paying as well as the security of cementing their place in the ever-increasing property market.
“We’re seeing people relocate to the region as well - it’s such an easy place to live and raise a family and it seems that word is getting out that an affordable coastal lifestyle is achievable.”
Ms Millers said most of the demand for new homes was coming from locals.
“First home buyers still have access to the $15,000 first homeowners grant for building,” she said.
“This is a great incentive to build your first home.
“We regularly see upsizes and downsizes to Sea Haven (Estate) as well.
“We keep many allotment options available to cater for our buyers in all stages of their lives so they can live in an area they will be proud to come home to at a size and price which is fitting to them.”
Ms Millers said recent announcements such as Adani’s CQ mine had boosted confidence levels.
“Confidence is certainly increasing.
“We’ve seen it grow with mining announcements as well as local infrastructure taking off.
“The region as a whole definitely feels as though there is something to look forward to.
“There is a lot of potential for growth in the near future and we will continue to have plenty of great allotment options available as we expect the demand to only increase from here.”
Ms Millers said they had seen purchasers relocating from the Sunshine Coast because the Cap Coast had a similar calibre of lifestyle for less and with future job growth on the cards.
“The vibe and overall appeal from the area is such a positive for buyers to want to stay here and for others to relocate.
“Living minutes from beautiful beaches and a short 20-minute drive to Rockhampton are all ticks in the right boxes for buyers, as well as having excellent schools, shopping and everything you would need close by.”
As development progresses on the major projects in the region, Ms Carroll encouraged the region to “get ready”.
“These projects are bringing jobs to our region, creating population growth, driving development,” she said.