Housing is hitting crisis point
GLADSTONE is on the verge of a major housing crisis.
The predictions of high rental and housing costs due to the liquefied natural gas industry (LNG) industry are coming to fruition.
With Federal environmental approvals expected to be announced on October 22 for two LNG projects earmarked for Curtis island, buyers from all over the country have been purchasing Gladstone properties before prices soar.
Director of LJ Hooker, Mark Spearing, told The Observer there has been a significant rise in interest in the Gladstone housing market, particularly over the last two weeks.
“It is already happening (price rising) with weekly rents being reviewed on a weekly basis and average increases are now anything up to $50 a week,” Mr Spearing said. “There is simply not enough rental accommodation.”
Citimark Properties director Geoff McWilliam said once Federal Environment Minister Tony Burke makes EIS approvals, there won’t be a block of land available in Gladstone.
“LNG companies are going to gear up and try to secure land for their housing requirements and they will have to pay a premium to do this,” Mr McWilliam said.
“There’s going to be an immediate spike in prices followed by a four to six-year continued run as the delivery of new housing won’t be able to keep up.”