Investors flock to Rocky as Adani boom looms
THE FLOW on effects of Adani's Carmichael Coal Mine naming Rockhampton as a FIFO hub, potentially generating 1500 jobs, is already evident in the local economy with a turnaround in the residential property market on the horizon.
As news of Carmichael Coal Mine's potential continues to spread across the country, there has been a notable increase in enquiries from out-of-town investors looking to take advantage of the looming boom by securing investment properties in the region.
Pat O'Driscoll Real Estate principal Pat O'Driscoll said the current situation reminded him of when the Australian Magnesium Corporation's (AMC) Stanwell project, the world's largest magnesium plant, was announced back in 2002.
"When that happened we had people flying in and queuing up to see what was available," Mr O'Driscoll said.
"There is clarity regarding Adani now and it's national news. Rockhampton's name is up in lights and southern investors will be jumping online to research what's available.
"They have realised the affordability of the region and the potential high returns."
Mr O'Driscoll said November was the local real estate company's best month of the calendar year.
"There was an overall increase in residential sales across the board; about a 20% increase in sales last month," he said.
"We have seen good success in most suburbs. There is a growing confidence.
"With Adani and a few other positive projects for the region 2017 is shaping up to be quite bullish.
"I have been in the industry for 40 years now and indicators are that we are at the bottom of the market and with one or two more industry injections the market will start to move reasonably quickly."
Kas Woch Real Estate principal Kas Woch said while he hadn't noticed a flurry of buyers, there had been a notable increase in southern investor interest in the local property market.
"There has been more activity than usual from investors in the lower price bracket," Mr Woch said.
"For example, we have a property at 46 Derby St listed at $105,000 and we have had three inquiries from southern investors already this week. That property did go under contract last week."