Mining town housing prices still on the decline

The days of the mining boom are well and truly over, as median house prices and annual sales in major mining regions continue to decline.   

Statistics from CoreLogic highlight the peaks and troughs of the mining boom that began in 2003 and propelled Australia’s economy forward.

While the rate of decline is substantially lower than it was at the mining regions’ peak, it’s important to note that in some regions there are signs that this starting to slow.  

There is also still demand for housing in these towns. “It’s just that demand is substantially lower than it was during the mining boom.” Cameron Kusher from CoreLogic indicates.

“Someone looking to purchase now is securing a property at a substantial discount from previous highs however, these towns also continue to achieve some of the best rental returns based on current pricing and rents.” Cameron Kusher said.

Key statistics:

Gladstone 

578 sales over the past year at a median price of $323,875.  Sales volumes are 68% lower than their July 2007 peak and median prices are 32% lower than their September 2012 peak. 

Mackay 

1,216 sales over the past year at a median price of $335,000. Sales volumes are 63% lower than their April 2004 peak and median prices are 23% lower than their June 2013 peak. 

Isaac

198 sales over the past year at a median price of $140,000. Sales volumes are 70% lower than their March 2012 peak and median prices are 77% lower than their November 2012 peak.

Port Hedland

204 sales over the past year at a median price of $300,000. Sales volumes are 49% lower than their July 2006 peak and median prices are 67% lower than their June 2013 peak.

Karratha

289 sales over the past year at a median price of $285,000. Sales volumes are 44% lower than their March 2005 peak and median prices are 65% lower than their October 2010 peak.

Roxby Downs

31 sales over the past year at a median price of $225,000. Sales volumes are 83% lower than their December 2003 peak and median prices are 55% lower than their October 2013 peak.

Data Source: CoreLogic

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