House prices surge 50% in CQ mining region
CENTRAL Highlands house prices have jumped almost 50 per cent to $197,250 in the December quarter, new data has revealed.
Over the last quarter, 36 houses were sold in the Central Highlands for a 46.9 per cent quarterly rise.
One of the hot spots was Emerald where 28 homes sold at a median price of $230,000, representing a 27.9% increase for the three months to the end of December.
Co-owner of Ray White Emerald Mark Muldrew said there is definitely more activity in the market.
"That comes down to stabilisation in the mining and resources sector, we are seeing more confidence in the future."
The median sale price for a house in the Central Highlands this quarter is $197,250. "There has been a few cheaper houses sold, some of the old railway houses sold a few weeks ago and I was at an auction on the weekend and it went for $190,000," Mark said.
Mark said the higher end of the market, upwards of $450,000, has picked up as well.
"We are starting to see a few sales in that two years ago you wouldn't have got an inquiry on it," he said.
Five years ago the annual median house price was $436,000. Mark said he thinks the latest median price will rise slowly over time.
"I think it will go up to the lower two hundreds this year," he said.
He said it could take "quite some time" to get back up to the higher level again. "It could be three to five years away," Mark said.
"It's going to be a steady growth, it will be gradual.
There are some projects in the woodwork encouraging buyers to be positive.
"There's some mines getting sold, Glencore bought Hail Creek so that is all encouraging," Mark said.
"Might see Capella get a kick along with that."
Rental demand has edged up, with Emerald now $240 a week for a three bedroom home (up $20 for the Dec quarter) while Blackwater homes are up to $195 a week. "We have the lowest vacancy rate we have had in two and half years," Mark said. "Employment out here with mines putting on permanent employers, people are coming back here for jobs.
"There are new people moving to town, we were losing people a few years ago."
Mark said Emerald has had the most growth in rentals. "There has been some influx in Moranbah, rental vacancy rates have dropped back with the talk of Adani and a solar farm," Mark said.
"Things have turned a corner at Blackwater.
"The coal prices have levelled out so that is a bonus."
RECENT HOUSE SALES:
7 Auburn St, $150,000
18 Lawrence St, $280, 500
112 Grevillea St, $115,000
12 Brigalow Wy, $440,000
21 Oakey St, $100,000
7 Serena Crt, $460,000
27 Longman Dr, $320,000
15 Bacon St, $145,000
34 Bradman St, $163,000
30 Rosewall St, $115,000
1A Savannah St, $132, 500
13 Barraclough Crst, $300,000
9 Lauren Dr, $315,000
5 McKendry St, $190,000
172 Opal St, $380,000
3/4 Parkway St, $177,000
51B Baker St, $112,000
Chalmers Crst, $230,000
1/19 Norris St, $249,000
2/349 Alfred St, $196, 888
1/54 Nelson St, $225,000
13 Norris St, $270,000
3/27 Romeo St, $185,000
1/43 Gregory St, $80,000
21 Oaka Lane, $233,000
202/35 Lord St, $340,000
1/6 Little Bramston St, $110,000
7 Carinya St, $185, 00
4A Carinya Dr, $304,000
24 Wyara Cls, $480,000
5 Parkside Plc, $422, 000
5 Walnut Ave, $530,000
298 Duthie Ave, $365,000
445 Dean St, $227, 500
14 Agnes St, $397,000
1A Bauhinia Trce, $546,000