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Property markets are not performing as strongly as in the past in some of Australia’s peak mining regions.
Source: News Limited

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JUST a few years ago landlords in mining towns were enjoying a golden moment.

Demand was out of control, rents were skyrocketing and even the simplest shack in the middle of remote mining towns commanded big city prices.

Frequently the number of properties listed for sale or rent could be counted on your fingers in many of the mining rich regions.

At the height of the mining boom in 2011, Moranbah, about 12 hours north of Brisbane, had only 22 properties available for rent with the cheapest $250 for one bedroom in a furnished house.

A three-bedroom home for sale in Clements St, Moranbah, Queensland for $200,000. Picture: realestate.com.au
Source: Supplied

According to realestate.com.au there are now 187 properties listed for rent, the cheapest $270 a week for a three-bedroom house.

There are now 156 properties listed for sale compared with just a handful back in 2011.

According to new analysis by RP Data of Australian Bureau of Statistics figures, population growth in states dominated by mining regions is slowing down.

Instead of the big push toward Queensland and Western Australia, more people are preferring to settle in New South Wales and Victoria.

Queensland and Western Australia have each seen a fall in both net interstate and net overseas migration over the year.

According to Cameron Kusher of RP Data, this is a flow on from the slowdown in mining

construction activity.

He says activity on these projects has moved from construction to production which results in lower worker demand.

There are also fewer interstate migrants moving between states.

A home for sale in Blaxland Ave, Singleton New South Wales for $189,000. Picture: realestate.com.au
Source: Supplied

Victoria is now attracting a record number of net interstate migrants, with 7528 new

residents moving from other states last year. It also attracted 62,337 net overseas migrants.

In Queensland mining rich regions, Gladstone, Dysart and Moranbah have all experienced a drop in their median price in the past quarter.

Gladstone’s unit market endured the most significant drop of 27.8 per cent for the quarter.

Vendor discounting was also high in the past year, with those selling houses in Moranbah on average discounting by 20 per cent from their original asking price.

A duplex home at Bayman St, Port Hedland in Western Australia for sale for $649,000. Picture: realestate.com.au
Source: Supplied

In Western Australia, values dropped in Port Hedland and Dampier during the quarter, although median asking rents were still significant.

In Port Hedland it was $1775 a week and in Dampier $1173 a week.

In New South Wales mining regions of Muswellbrook and Singleton medians have remained fairly steady in the past three months.

But days on market are significant with it taking on average 134 days to sell a house in Singleton.

In the Northern Territory area of Tennant Creek, medians have also remained stable with days on market for a house now at 119 days.

In the South Australian region of Whyalla house values have increased by 7.6 per cent in the quarter.

While Victoria doesn’t have any major mining towns in the energy region of Yallourn it took 147 days on average to sell a house and medians increased by 1.8 per cent during the quarter.