JOBS RISE KEY
CONSTRUCTION PROJECTS TO PUSH REAL ESTATE UP
A COMBINATION of new construction positions and long- term sustainable jobs will help drive Townsville’s property market higher.
Analysts say property values remain static but there are green shoots coming through.
These include current projects such as the $ 250 million North Queensland Stadium and the $ 200 million Haughton water pipeline duplication. Others upcoming projects such as the Townsville port channel widening project are expected to create both construction and ongoing jobs for the city.
Economist Colin Dwyer said the projects would boost population growth and stimulate the economy.
Already, residential vacancy rates had been cut to 3.5 per cent from almost 5 per cent last year, he said.
KEY construction projects are set to create hundreds of jobs, driving population growth and lifting the property market, economist Colin Dwyer says.
But other analysts say what is really needed are long- term sustainable jobs through expansion of the Sun Metals zinc refinery or restarting the Yabulu nickel refinery.
The Federal Government this week committed the remaining $ 75 million needed to begin the $ 193 million Townsville port channel widening project after a Townsville Bulletin campaign. It adds to a growing list of construction projects which have started or will begin during the next few months.
They include the $ 515 million Bruce Highway upgrade at Haughton River, the $ 250 million North Queensland Stadium, the $ 200 million Haughton water pipeline duplication, the $ 52 million Mater Hospital expansion and the $ 90 million Technology Innovation Complex at James Cook University.
Mr Dwyer said the projects would boost population growth and stimulate the economy.
Already, residential vacancy rates had been cut to 3.5 per cent from almost 5 per cent last year, he said.
“Over the next 12 months we are going to be creating a lot of jobs,” Mr Dwyer said. “That’s going to have a positive influence on the property market and the restructuring of the economy.” Mr Dwyer predicted Townsville’s population growth in 2017- 18 would be 2 per cent, more than double that of the previous year. But director of property consultancy firm Herron Todd White Jason Searston said long- term sustainable jobs were needed to lift the economy and drive the property market. “Construction projects are fantastic but they are not long- term employers,” Mr Searston said. “What we need in the community is for people to have job security.” He said the second stage of the Sun Metals zinc refinery or restarting Clive Palmer’s Yabulu nickel refinery would be the catalysts to drive sustainable growth. “There’s no doubt a QNI will be a major contributor to engineering and manufacturing,” Mr Searston said. Herron Todd White released its latest Townsville in Focus report this week placing the Townsville trend median house price at $ 311,000, a 3.9 per cent fall since December. But it said the fall had been caused by changing market composition and that individual property values had b been generally static. Another key to bringing peop ple to Townsville is its lifestyle, T TP Human Capital director C Clayton Cook says. “The question is, can Townsv ville attract our fair share of Gen R people who move to the regions for affordability, climate ( etc),” he said.