A decade of development ahead – emerging signs of a positive and growing economy
Posted on September 18th, 2019
Recently released data from a variety of sources confirms what Capricorn Enterprise CEO Mary Carroll has been saying: there are signs of a positive and growing economy in our region.
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.
As Ms Carroll explained, “While local employment is a key priority, estimates of the workforce needed suggests that a number of these workers will come from out of region with any new workers living in the region usually renting first before buying a house for their families in which to live.”
Following a period of steady rents and declining house prices teamed with few building or lot approvals prior to 2019, recent data is showing tightening rental vacancy rates, increasing rents across our region and higher median house prices. More lot and building approvals have also been given, indicating growing confidence in our region.
Median rents have 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, or increases of 4.5%, 3.6% and 6.1% respectively from the previous quarter.
Median rents, Capricorn Coast and Rockhampton Region
Source: Rental Tenancies Authority
Median house prices were $310,000 in the Capricorn Coast and Rockhampton Region in the year ended 31 March 2019. This was higher than for the year ended 31 December 2018 ($305,000).
Median unit/townhouses, houses and land prices, Capricorn Coast and Rockhampton Region
Source: Department of Natural Resources and Mines, Office of the Valuer-General, Property Sales.
Building approvals for dwelling units have 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.
Building approvals, Capricorn Coast and Rockhampton Region
Source: ABS 8731.0, Building Approvals, Australia, various editions.
Ms Carroll stated, “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.”
As development progresses on the major projects in the region, Ms Carroll encourages the region to get ready, “These projects are bringing jobs to our region, creating population growth, driving development.”
For all the facts and figures for housing in the region, please read the Economic Report