The Isaac Council, which includes much of Queensland’s Bowen Basin, was the country’s best performing mining region for property prices growth over the last 12 months, according to a leading researcher.
RP Data’s latest Property Pulse also showed that all mining regions have showed 10-year growth exceeding 10% – except for Muswellbrook (9.7%) and Kalgoorlie (9.6%). The Whitsunday region, home to the township of Bowen and Port Pirie, were the only two mining affected regions to record a decline in median selling prices.
RP Data analyst Cameron Kusher said the stand out region over the last 10 years was once again the Isaac Council region, which saw median prices increase at an annual rate of 32.3%.
Kusher also commented that good performance across the majority of mining regions was a result of supply and demand factors. “A lack of new housing supply has had an impact on rental rates, which have seen robust growth over recent times,” Kusher said. “Rents have increased over the past year across each region, except in Port Pirie and have risen by 88.2% across the Issac council region.”
Kusher added that unit performance told a much different story. There is typically a much lower supply of these types of properties in mining regions, he said, which meant unit growth was not typically as good as for detached houses.
“Despite the typically sluggish growth in prices over the past year, most have seen strong increases over the past 10 years, albeit not typically as strong as the growth in house prices,” Kusher said.
