Queensland LNG projects poised to bolster job numbers and push up house prices
The billion-dollar Queensland LNG projects would further boost job prospects in the state but would also push up the value of real estates that could leave first home buyers reaching deeper on their pockets.
As the federal government gave its go signal to the twin LNG initiatives by Santos Ltd and British Gas Group, the latter announced on Tuesday that at its construction peak, the Gladstone project would require a workforce of up to 3000.
Projected to reach a headline cost of $US15 billion, though analysts maintained that more than $US18 billion would be required, the Gladstone construction project in Surat Basin could actually generate an estimated 5000 jobs that were set to benefit residents in the central region of Queensland.
QGC executive Mar Todd, which represents the BG Group, told ABC that the Gladstone project would mostly require skilled workers such as carpenters, welders, electricians, steel fixers, riggers and boilermakers.
Since the announcement of the job openings over the weekend, Mr Todd revealed that "we received 16 enquiries at our office in Gladstone in the first hour of opening after the announcement on Sunday."
The employment boom, however, could restrict the access of first home buyers to their dream house as they would be price out of the local housing market due to the expected expansion of the LNG industry over the immediate two to three years to come.
Property experts maintained that the flurry of LNG projects in Queensland would certainly boost the state's economy but with that comes the upward surge of house prices as real estate agent Jock Gaughan told ABC that "a lot of young people who might not be able to afford houses over the next couple of years."
To avoid such predicament, Mr Gaughan advised the state's first home buyers to advance their housing plans and get their dream house at this time as the next two years were projected as premium periods for the housing sector in the state, paving the way for higher values on residential properties.