Newspaper article The Morning Bulletin (Rockhampton, Australia)

Market Waiting for Jobs Boost; Property Leader Says the Region Needs Big Projects to Go Ahead

Newspaper article The Morning Bulletin (Rockhampton, Australia)

Market Waiting for Jobs Boost; Property Leader Says the Region Needs Big Projects to Go Ahead

Article excerpt

Byline: Sherele Moody

ROCKHAMPTON'S property market continues to "go up and down in the one spot" as the region waits for the federal and Queensland governments to greenlight economy-saving projects and for the Adani coal mine work to flow in.

Real Estate Institute of Queensland Rockhampton chairman Noel Livingston said REIQ's December quarter sales data showed there was little to celebrate as sales and prices stagnated.

Mr Livingston said waiting for work to begin on the Rookwood Weir, the new hospital car park and the Bolsover St unit developments was taking confidence away from the marketplace.

"We've been in anticipation of projects coming to the region that haven't actually been delivered," Mr Livingston said.

"We've had a tough market for some years now but the thing that is disheartening is that pre-election promises are yet to be delivered.

"Our market won't improve until there are more jobs coming to the region."

Mr Livingston said Rockhampton's property market would turn around if lobbyists were successful in their push to make the city the fly-in fly-out base for the Adani Carmichael Coal mine in the Galilee Basin.

"It will improve our population base," he said.

"We're seeing some improvements from coal mining areas and the cattle side of things has been good for us but we need rain.

"The bottom-line is we need an influx of jobs to the region and until that happens this market will go up and down in the one spot."

The REIQ figures show Rockhampton's median house price for the quarter dropped 5.9% from the previous quarter to $273,000 but Livingstone offered a brighter outcome with the price lifting 2.8% to $370,000.

The change in unit prices over the quarter could not be calculated for either local government area because of the low turnover.

The median house price for the year for Rockhampton was $272,000, down 5. …

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