Sub-division growth defies slower market



DEVELOPERS are forging ahead with the construction of residential sub-divisions in Gladstone despite a slowing in the market.

Ray White Real Estate princi- pal Edgar Allen said there was a total of 163 residential sub-divi- sion allotments available for purchase at the moment, with the figure expected to grow to 240 within the next three months.

Among those developing land is Lake Maroona Pty Ltd's Gra- hame Allen, who said his confi- dence in the start of stage two of the Comalco Alumina Refinery, and historical and forecast growth of the city had led to his continuation of plans in the city.

Lake Maroona Pty Ltd is fina- lising work on 44 blocks of land at Telina that will soon be re- leased to the market in two stages.

A further 179 allotments have been approved and up to 700 ear- marked for development just past this latest subdivision. The company is also con- structing 26 allotments on a 2.6 hectare site at the Glenlyon Road side of Catalina Heights.

'Gladstone has not stopped growing in 40 years and I am confident of its continued growth,' Grahame Allen said.

Edgar Allen said 200 blocks of land were required for average annual growth uptake in each year, so having 240 allotments on the market was well within an acceptable level.

Real Estate Institute of Queensland Gladstone zone chairperson Mary Ayscough said the development of good quality residential subdivisions was pleasing because it gave people choice.

'Gladstone has historically been in a situation where new land development was at almost zero,' Mrs Ayscough said.

'There are some good subdi- visions throughout Gladstone at the moment, giving people a range of options.'



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