Future economic prospects contribute to growing region – positive rental growth
Posted on January 22nd, 2020
As Central Queensland fast becomes an economic powerhouse due to the progression and commencement of $3.6 billion worth of major infrastructure projects within the region, recent data released from the Rental Tenancy Authority shows that population across Rockhampton and the Capricorn Coast is once again on the rise, signified by an upturn in the local rental market.
As the region’s skilled workforce begins to increase and meet demand, the Capricorn region, which provides a perfect balance between business and lifestyle, is predicted to continue its growth in population as we journey through 2020 and beyond.
Median rents on two-bedroom flats and three and four-bedroom houses have shown increase in comparison to December 2018 as a number of developments including the Carmichael Coal Mining Project, dual Highway, Rookwood Weir and Defence projects kicked off, providing a significant injection of investment and jobs into the local economy.
Median rents increased 7.5% within the four-bedroom house market, potentially indicating that the whole family was making the move, while smaller two-bedroom rentals saw an increase of 4.5%.
Regional Economic Development Manager, Neil Lethlean believes that increasing infrastructure development across numerous projects attracting workforce expansion are key contributors to the increase, along with the lifestyle advantages that the region has to offer.
“The liveability, affordability, scale and future economic prospects of the local area suggest that we will see this growth continue over the coming years,” said Mr Lethlean.
“As our existing operations secure project contracts expanding their production activities, new and reopened mines maintain momentum, and numerous construction projects commence, we will continue to attract new residents and encourage the corporate and leisure community to ‘get ready’’.
“As we predicted, these key projects are bringing jobs to our region, creating population growth and driving development.”
Surrounding districts including Central Highlands and Mackay are also responding to steady growth, demonstrating positive signs that the economy of our immediate and wider region is healthy and strong.
For further information on the major projects that are encompassing Livingstone and Rockhampton regions, visit www.capricornenterprise.com.au/economic-development/major-regional-projects