Gladstone shining example of property development in Qld
A REPORT card on how the states manage property development has put the Queensland Government on top of the pile.
Research from the Australian Property Council found the Sunshine State led the way in administering planning, affordability and demand for new homes.
Queensland Property Council executive director Kathy MacDermott said Gladstone was a good example of the housing development growth in the state.
"Some of our leading developers have come into the market in Gladstone, such as Devine and Peet," she said.
"Growth in Gladstone's property market is directly linked to mining and energy.. so there's no shortage of demand."
Devine's Riverstone Rise development is one of nine projects currently approved or underway in Gladstone.
Project director Grant Botica said considerable research went into the site purchase - and it had paid off.
"Gladstone just presents enormous potential for investment," he said. "As well as mining boom, we've worked from the population growth forecast the State Government's made, and just anecdotal evidence of new projects being mooted on a regular basis."
Devine has just completed stage one of the $1.4 billion Riverstone Rise development, and Mr Botica said the developer was now accelerating stages two and three to keep up with demand.
But the 15-year project, containing a potential 2900 lots, has a long way to run.
This week, new figures from the Australian Bureau of Statistics found new dwelling approvals climbed by 1.2% in the month of January.
The result reversed five months of negative growth.
And Mr Botica said the fluctuating figures weighed heavily on developers.
"I think we're still marginally in the grips of GFC, so I wouldn't say Gladstone's a developer's paradise - it's still very, very tough."