Gladstone Region Highlight Report Q3 2012
The Gladstone Region Highlight Report analyses the performance of the residential real estate market within the defined Gladstone Regional Council. The report contains detailed investigations into three sub-markets within the region which include the Gladstone City Area, Tannum Sands Area and Agnes Water Area. Results of these investigations are intended to identify trends and commonalities that exist between each sub-market, though most importantly to gain an appreciation of the underlying drivers of each particular market.
The Gladstone Regional Council is located around 550 kilometres north of the state capital Brisbane and 100 kilometres south-east of Rockhampton. Population estimates provided by the Australian Bureau of Statistics indicate that the region has experienced the fastest growth in Queensland between June 2010 and June 2011, achieved through an annual growth of 3.5 per cent. The region also recorded an average annual growth rate of 2.9 per cent from June 2001 to June 2011, ranking it as the sixth largest growing region out of 37 state-wide.
The regions thriving economy is largely attributed to Queenslands largest multi-commodity port, situated on the periphery of the Gladstone City Area. Other core infrastructure including a nexus of rail and highways, the Gladstone Airport, refineries and a list of other production facilities and industrial titles underpin the region as being the most significant resource service centre in Australia. It is estimated that the total project committal as at March 2012 to be in the vicinity of 97 billion. This accounts for projects that are either completed or under constructions as well as projects that are under study or that have been committed. These projects include core infrastructure, major industry, commercial property and land development in addition to various community projects. The sheer size and longevity of such projects is placing increasing pressure on the regions property markets to accommodate an exponentially growing workforce.