Min­ing towns fi­nally sig­nal CQ re­cov­ery

Central Queensland News - - NEWS - — Michelle Gately

IT’S nowhere near the highs of the boom, but real es­tate in Cen­tral Queensland min­ing towns is con­tin­u­ing a steady come­back ac­cord­ing to the lat­est data.

Real Es­tate In­sti­tute of Queensland fig­ures show 58 house sales in Black­wa­ter in the past year, with a 151 per cent in­crease in the an­nual me­dian sale price, which jumped from $37,500 to $95,250 – still 79.9 per cent down on the me­dian sale price of $468,000 five years ago.

It’s a sim­i­lar, al­beit less dra­matic, story in Emer­ald, where the me­dian house price has im­proved from $238,750 to $242,500 in the past year on the back of 136 sales.

Ja­son Camp­bell, prin­ci­pal of Emer­ald and Black­wa­ter Real Es­tate, said this con­tin­ued con­fi­dence in the mar­ket had been driven by sev­eral min­ing projects in the re­gion.

This in­cludes Cara­bella Re­sources’ open pit min­ing at Bluff and the planned re-open­ing of Gre­gory Crinum coal mine near Emer­ald next year.

Mr Camp­bell said de­mand con­tin­ued to be steady in both Emer­ald and Black­wa­ter.

“The re­newed ex­pan­sion in the re­source sec­tor is cer­tainly a big push,” he said.

“List­ings for sale have dropped as the de­mand has been higher.”

Mr Camp­bell said there had also been some sales reach­ing new record heights which hadn’t been achieved since the height of the min­ing boom.

He said in­vestors who had stuck out the tough times were be­ing re­warded with an in­crease in rents of be­tween $20 and $100 a week.

Be­tween $300 and $500 a week is now achiev­able on the right prop­erty, ac­cord­ing to Mr Camp­bell.

“Af­ter the de­cline of the last six years, it’s much tougher climb­ing back up than it is go­ing down,” he said.

“We be­lieve that looks like con­tin­u­ing in the next 12 months.

“For a long time most prop­er­ties wouldn’t have got more than $200 a week, so there’s been some sig­nif­i­cant in­creases in rental val­ues re­cently which we fore­see con­tin­u­ing on.”

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