Regional Queensland performing well economically
It appears the influx of mining contracts into Queensland's economy may have helped to bolster the state's residential property market.
The Real Estate Institute of Queensland (REIQ) reported today (February 20) that the state mining regions of Gladstone, Mackay, Rockhampton and Toowoomba illustrated median house price growth in the last quarter - giving them the best results for Queensland.
Those same areas should benefit from the new regional flight options soon to be offered by QantasLink. Flights begin to Rockhampton and Gladstone on March 15, followed by Mackay on March 26.
The new routes will likely provide greater convenience and increased options for fly-in fly-out (FIFO) employees that work in the mining areas and perhaps bring more visitors to the area.
REIQ chairman Pamela Bennett was pleased with the performance of the mining region but made sure to note it will be essential to continuously monitor the effect of rising house prices on residents of the area who are not employed by the mining sector.
The median house price of Gladstone went up by 8.6 per cent to $478,000 over the quarter.