Mining Housing Infrastructure Central Queensland:
- $200bn of LNG and mining projects have been committed to the region.
- A projected housing shortage of 20,000 homes is the primary market driver.
- Direct mine employment requirements increase from 9,600 – 12,200 present with additional 38,000 in the near future.
Growth of Region:
- Population growth by 37,435 between 2011-2031
- Total of 53 mining projects valued at $19.8bn for year 2011-2017
- Significant mining/region growth with limited housing.
- 10yr Pre Leases obtainable with mining companies.
- Affordable housing/building products much sort after.
As a June 2010, the Rockhampton Regional Council had 2,604 hectares of broad hectare land available for residential development. This is projected to yield approximately 10,000 dwellings*.
* Queensland Office of Economics and Statistical Research, Residential land and dwelling activity profile – Rockhampton Regional Council, June Quarter 2010
The table which follows details the number of housing and unit approvals in the Fitzroy area (Rockhampton/Gladstone). The data depicts a sharp decline during the Global Financial Crisis (“GEC”) to levels below the seven year average.
The moderate level of approvals against a back drop of projected annual population growth of 2.3% * and the additional housing needs as a result of significant mining investment is expected to result in a housing shortage in the absence of material new product in the region.
Supporting the viability of development projects in the region in housing affordability. Exponential growth in median rental prices (table below) among smaller mining communities is supporting the economic need for reasonably priced “off side’ accommodation, while at the same time being complimentary to the social preference of miners for FIFO arrangements.
The supply and demand factors already discussed underpin the feasibility of this concept. This is confirmed by a recent publication from Australian Property Monitors which forecast median housing prices through to 2020. Results for the suburbs where projects await development follow each anticipated to grow rapidly during this time**.
*The Midwood Report, Regional Queensland, November 2010
+Australian Property Monitors, House Values in 2020, March 2010