Potential new 1000 homes in Rockhampton as development site for sale

With a shortage of homes in Rockhampton, a massive parcel of vacant land is for sale with the potential to deliver up to 1000 new lots and homes, boosting housing supply for the regional city.

Land at 5-71 Olive St, Parkhurst. Picture: Aicia Harvey | Real Property Photography Rockhampton

With a shortage of homes in Rockhampton, a massive parcel of vacant land is for sale with the potential to deliver up to 1000 new lots and homes, boosting housing supply for the regional city.

The 117-hectare property at 5-71 Olive St, Parkhurst, is zoned low density residential and is ripe for development.

Real estate agent Pat O’Driscoll said the land was well located, situated about 10km north of the Rockhampton CBD.

The land borders Quality Resort Parkhurst and existing residential developments, including Northridge Estate, and fronts the Bruce Highway and Olive St.

Land at 5-71 Olive St, Parkhurst.

Mr O’Driscoll said the land was expected to create enormous interest from residential developers across the East Coast, due to the growth underway in Rockhampton and the demand for residential homes.

“There is a huge shortage of homes in Rockhampton, with a residential vacancy rate of less than 1 per cent persisting since June 2020,” he said.

“Rockhampton’s population is anticipated to grow by some 10,000 people by 2031, requiring 4400 new homes.

“This is driven by a combination of underlying population and employment growth and the impacts of the major projects currently in the pipeline.

Land at 5-71 Olive St, Parkhurst.

“That land creates huge opportunity to create much-needed infill development and boost housing supply for people living in and moving to this vibrant regional city.

“At the same time it also offers residential developers an opportunity to capitalise on the current undersupply, with the end stock likely to be in huge demand.

“In my 40 years in the market, I have never seen a time like this in Rockhampton, in terms of the broad base economic growth the region is experiencing.”

It is for sale through a Tender campaign run by Knight Frank on behalf of the vendor, the Rockhampton Regional Council.

Land at 5-71 Olive St, Parkhurst. Picture: realcommercial.com.au

Rockhampton Mayor Tony Williams said the region was on the cusp of significant economic growth, and as a result, was attracting the attention of more investors.

“Being the major city of Central Queensland, Rockhampton offers a depth of retail, education, health, sporting, leisure facilities and infrastructure comparable to many capital cities,” he said.

“There are in excess of $12 billion in projects currently active or in the pipeline over the next five to seven years including the Rockhampton Ring Road, renewable energy projects and defence activity.”

The Tender campaign for the property closes at 2pm on Wednesday, September 11.