Double digit property growth a positive sign
Almost 70 Queensland suburbs have recorded double digital capital growth over the past year, including several resource towns hit hard by the mining downturn.
The Real Estate Institute of Queensland (REIQ) has revealed that 68 suburbs across the state recorded capital growth between 10 per cent and over 150 per cent in the 12 months to June this year, with Blackwater in central Queensland recording the biggest jump.
Median house prices rose 151.3 per cent to $94,250 in June, albeit from a low base.
But the latest market report by CoreLogic offers even more green shoots of hope, with the median house sales price now up to $105,000 in the resources town.
Collinsville, southwest of Bowen, has also recorded solid growth, with median house prices up 46.2 per cent to $95,000 over the same period, while Miles in the Western Downs recorded capital growth of 23.5 per cent to $148,250.
REIQ CEO Antonia Mercorella said improved confidence in the coal mining sector was one of the key factors driving the recovery of the property sector in Blackwater and other mining towns. Source: realestate.com.au