Ray White principal Andrew Allen.
Ray White principal Andrew Allen. Murray Ware

Price of homes certain to jump

DESPITE one of many strict conditions outlined in a LNG project Environmental Impact Statement approval including 250 homes, Gladstone will still experience a housing price surge, a realtor warns.

The State Government has granted conditional approval to QGC Pty Limited's multi-billion-dollar Queensland Curtis Liquefied Natural Gas project (QCLNG) near Gladstone, which was reported in yesterday's The Observer.

Premier Anna Bligh said the Co-ordinator-General had completed a review of the British Gas LNG project planned for Curtis Island and had approved it subject to strict conditions.

Ms Bligh said the major conditions included the provision of affordable housing and other social benefits. QGS (the subsidiary of BG) would be required to build 250 houses for workers in Gladstone.

Ray White Gladstone principal Andrew Allen has no doubt that despite the government's conditions, Gladstone would still experience a housing price surge.

“The requirement for QGC to supply 250 homes for Gladstone may help reduce the enormous pressure anticipated for the local housing market. When you to add this similar conditions imposed on the Santos LNG project, we would expect to see a massive amount of growth and new housing for the Gladstone community,” Mr Allen said.

Ms Bligh said up to 8000 jobs would be created.

Mr Allen was careful to remind existing Gladstone investors that although their projects were well on their way to realisation, the local market had undergone a sustained period of high vacancy and any suggestion of the property market booming in the short term could be premature.

He said the rental market changed from month to month in terms of what was available and one of the challenges that would be faced was what the workers wanted in terms of accommodation.

Mr Allen said some would want to be in single-man camps like the one to be built at Calliope by Maroon Group, while others in relationships or had families would want units or houses.

Both British Gas and Santos are expected to make a final investment decision later this year and start shipping gas out of Gladstone by 2014.

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