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Notes from Speaker — Chamber Meeting 6 May 2005 Chris Gay — President of Far North Queensland Real Estate Industry (FNQ REIQ)
At May’s meeting one of our guest speakers was Chris Gay, he spoke of Real Estate industry, the following is a highlight of his presentation.
Mareeba Population as at 30 June 2004: 18,659 being 0.5% of state population. The population growth between 1999–2004 was 0.3% whist the state average was 2.1%pa.
Bureau of statistics predicts a population increase on current trends from 18,479 to in 2001 to 20,655 by the year 2026, which is a growth rate of 0.4$pa.
2004
- 232 residential houses sold : Medium price of $130,000 (Middle price of sales range)
- 159 Homes sold : Medium price of $250,000
- Vacant Land 56 blocks: Median price $37,000
- Vacant acreage 69 blocks: Median price of $86,000
- 20 Units sold: Median price of $98,000
- Total 536 residential properties sold in Mareeba
- This shows a very healthy market given the population figures
- Vacant land sales both residential standard & acreages totaled: 228 in 2004. Approx 130 lots being developed this year so far.
Commercial
- 2004 Colander year:
- 95 residential dwellings approved
- 19 commercial buildings approved
- First ¼ of 2005 only 19 residential buildings were approved PLUS 8 commercial buildings approved, almost half of last years total to date.
In my experience residential properties are always the first to take off in a resurging market and the commercial/industrial sector is usually 6–12months behind. This looks healthy for the district.
A chart shows of median sales prices from 1995–2004, only 2 years being 1998 and 2000 where there had been a drop in median prices in Mareeba. In 2004 there was an amazing increase of 22.2% right across the board.
Construction values in Mareeba for 2004 totaled: $25,324,000 comprising of $20,186,000 for residential and $130,000 for non residential.
Population growth in Mareeba is a target to achieve, if you can continue to increase this then our town will remain healthy.