Mining towns finally signal CQ recovery
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.”