The region referred to as TNQ has over 260,000 residents living in a geographic area bigger than the entire state of Victoria in Australia (or, over half the size of the US state of California). TNQ is a land of opportunity.
The majority of Australians assume the resource and mining boom has occurred in Western Australia however Queensland is also reaping the rewards with major regional centres experiencing stunning growth.
However 2011 has seen a softening in the property market as has been the case Australia wide, with downward trends from 1-5% across the north of the state. Land prices and vacancy rates are expected to remain relatively flat which does point to some interesting investment opportunities moving forward.
Resource hot spots such as Gladstone, Mackay, Emerald and Rockhampton are considered the leaders for the next 12-18 months. Gladstone was the top performer for the past year with a growth the extraordinary growth of 10.8% over the calendar year.
North Queensland Economy
- Gross Regional Product (GRP) increased by 2.1% in 2009/10 to $12.32 billion.
- The region has experienced strong and steady economic growth over the past decade with an average of over 10% nominal growth per annum.
- There are no signs of the region’s growth slowing down, with approximately $13 billion worth of mining, construction and infrastructure projects either underway or proposed.
Population & Unemployment
- Total North Queensland Population: 231,628
- The region’s population is projected to increase to 346 ,300 by 2031
- The current unemployment rate for the region is 6.7%
- The average unemployment rate for the two years to October 2010 was 4.2%, well below the Queensland and Australian average of 5.2% and 5.3% respectively.
Median House Prices for North Queensland
- Townsville : $370,000
- Charters Towers: $245,000
- Hinchinbrook: $299,000
- Burdekin: $240,000
An experienced buyer’s agent in Queensland can help you to secure your ideal home or investment property in TNQ. Please contact us to get started now.