QUEENSLAND residents have described the coal seam gas industry’s impact on local housing prices as “a really short party with the worst and longest hangover”.

They’re warning Narrabri residents to be prepared for a sudden and rapid rise, followed by a sharp and steady decline in the value of their home if Santos’ 850-well project is approved.

Karen Auty bought her home in Chinchilla in 2007, prior to the CSG mining boom enveloping the area, which she said sent house prices, rental rates and land valuations sky rocketing. 

When the CSG industry came to town, the value of her unimproved land tripled in three years, before dropping more than $20,000 below its original value.

“My unimproved land was worth $58,000 prior to the boom – between 2011 and 2014, when the CSG party was in town, it rose to a whopping $182,500 and my rates increased by almost 100 per cent,” Ms Auty said.

“Every year since that peak the value of my land has dropped but rates have continued to rise. I just got a valuation notice this month and it’s dropped to $35,000.

“Coal seam gas is like a really short party with the worst and longest hangover. The money is there for a good time, not a long time, and locals are left much worse off.”

Kylie Hausler said she sold her home to take her family away from the Tara gasfield and lost $100,000 on the property.

“I worked hard for 20 years in nursing to pay a mortgage and ended up with nothing, not even a home,” Ms Hausler said.

“Families shouldn’t be left homeless because of a gas company. When gas companies and governments tell you you’re all going to be living high on the hog while they make their money, run in the other direction as fast as you can.”

High rents also forced out low-income renters. “Our pensioners, retirees, sole parents, single-income families and non-industry workers left town in droves,” Ms Auty said.

Narrabri Ratepayers and Residents Association chair Rohan Beohm said he feared for the town’s future.

“What has happened in Chinchilla and surrounds is a clear indication of an out-of-control situation that impacts vulnerable people who have nothing to do with the gas industry,” he said.

“This warning is strong validation for the people of Narrabri, many believe that the decline is beginning and a slow burn is already under way.”

Santos' 7000-page Environmental Impact Statement says there may be an "increased demand on housing and accommodation during the construction period", but it was "not expected to be significant".

"[There may be] consequent impacts on housing availability and affordability, with increased demand leading to decreased housing and availability, and increased housing rents and prices further leading to housing stress for vulnerable groups," the report stated.

"It is often argued that it is local residents that incur the majority of the costs in the form of rising house prices (for aspiring owners), rising rates and higher costs to upgrades," the report states.

When contacted, Santos point The Leader to gas industry body APPEA, who said CSG developments often caused a spike in local property values due to the additional jobs and general economic activity created.

“In Queensland’s Surat Basin, house prices and rents increased while there was a jobs and investment boom,” an APPEA spokesman said.

“As the initial construction phase has now been completed house prices and rents have eased but remain higher than levels seen before construction.”