Prices jump in trio of mining towns
THE boost in coal prices in the past six months has triggered a house price jump in at least three mining towns in Central Queensland.
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THE boost in coal prices in the past six months has triggered a house price jump in at least three mining towns in Central Queensland.
Valuers Herron Todd White reported in its Year in Review that a sharp change in market conditions had been noted in recent times, particularly Clermont, Moranbah and Dysart.
"Over recent months coal prices have been trending upwards and this has resulted in some positive outlooks and speculation," HTW said in its December release.
"In the last month, some towns have seen rental vacancy rates tightening and others have seen values jump by up to $30,000 as supply quickly shrinks.
"It appears some have been wanting to buy (currently renting due to very low rents) and waiting for the bottom to come.
"With the positive news starting to circulate in the resource sector, sales turnover has increased, supply has tightened and values have started increasing again, particularly in Clermont, Moranbah and Dysart."
The change comes after a string of positive news about the progress of the proposed Adani mine (near Clermont) and planned reopening of three mines across the region.
HTW said in its review for the Central Highlands region that 2016 had marked the end of significant falls (which started in 2013) "as predicted as a result of the resource sector downturn and restructuring".
It said the majority of sales in many towns had been mortgagee in possession.
"The mining dominated towns of Blackwater, Dysart and Moranbah saw an overall fall of up to 80% from the peak in 2012," the report said.
"The major regional town of Emerald experienced falls of up to 70% for units, 50% for houses and 30% for modern good quality product."
Values have dropped back near 2004 levels across the region with the majority of purchasers in 2016 local owner-occupiers.
"In reflecting on 2016, it was the year we saw our markets bottom and stabilise."
Originally published as Prices jump in trio of mining towns
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