FIFO hub: Population boom could encourage development
A POPULATION boom and thousands of jobs could see big changes in Central Queensland's housing market.
Pat O'Driscoll said Rockhampton Regional Council's plan to secure a FIFO hub for the giant Carmichael coal mine in the Galilee Basin could have a positive impact on the city.
The principal of Pat O'Driscoll Real Estate said the market was already improving, with "extremely attractive” median house prices.
He said job growth would see rental vacancy rates drop with some "upward pressure” on both house rentals and sales.
"We can't predict the future as to what level of increase there will be, but if you go back over the different periods of time, the different cycles, there were significant increases going back 20-plus years ago and 10 years ago so yes, we will see a similar cycle of increase I would expect,” Mr O'Driscoll said.
"It will be dependant on the size of the demand.”
Population growth would also see more development in outer areas of the region, including the Capricorn Coast, Gracemere and Parkhurst.
"As the demand increases and supply diminishes then developers will look at the region positively and invest and start developing new residential developments,” he said.