A new Gold Coast quarry is unlikely to have a significant impact on the local property market outside of properties in its immediate surrounds, a leading property expert has claimed.
The Queensland government gave the green light to a quarry at Reedy Creek in December last year.
Simon Pressley from Propertyology said while the quarry would create disruption for nearby homes, its greater impact was likely to be minimal.
“The quarry will create jobs but it will also create trucks, so that’s obviously a consideration for that immediate community,” he said.
“But once you get a few kilometres away from the quarry, it shouldn’t be a problem.”
Queensland deputy premier Jeff Seeney said the project would help boost the local economy, particularly the construction industry.
“The Newman government promised at the election to support the construction pillar of the Queensland economy, reduce costs of living and deliver better infrastructure – today’s decisions deliver on all of those commitments,” he said.
However, Mr Pressley was sceptical that the quarry would have a major impact on the larger Gold Coast economy.
“There are many things that are more significant to the Gold Coast economy than the quarry,” he said.
In particular, he named projects related to the Ccommonwealth Games and the planned rail extension as more important drivers of the regional job market.
The Gold Coast property market has undergone a tough period in the past five years, Mr Pressley explained.
However, he was hopeful for the area’s future prospects.
“It’s copped a real battering in the past five years. But I actually think the horizon looks relatively healthy,” he said.