Sell with Confidence
Read More

Australia’s Suffering Resource Town’s Property Markets May Finally Be About To Hit Bottom

By Paige Miller

Australia’s Long Suffering Resource Town Property Markets Are Finally Approaching Their Bottom.
The latest national property clock from Herron Todd White has revealed Perth, Darwin, Alice Springs, Gladstone, Mackay and Rockhampton – all regions affected by the resources slow down are approaching the bottom of the housing market. It said the house market in Bundaberg, Emerald, South West Western Australia and Townsville had already hit the bottom. On a positive note, Tasmania dominated the areas where the house market had started its recovery with Hobart, Burnie, Devonport and Launceston on the list.

Herron Todd White’s national property clock for the house market. Source:Supplied

Median dwelling price growth has been solid in Tasmania in recent months. The latest CoreLogic figures reveal house prices rose 11.2 per cent year on year, while unit values rose 19.1 per cent during the same period. It also has some of the highest rental yields in Australia and has appealed to lifestyle buyers and interstate investors. Other areas starting to recover according to Herron Todd White where Brisbane, and coastal towns Hervey Bay and the Whitsundays in Queensland. Mildura and Mount Gambier were also starting to recover. NAB’s latest Residential Property Survey last week predicted a softening in house price growth but it also tipped some of the resources markets were near the bottom and price drops would ease.

Herron Todd White found the Hervey Bay market was starting to recover. This home at 3 Kingfisher Parade, Toogoom in Hervey Bay is listed for $445,000. Picture: Source:Supplied

Herron Todd White has unit market struggling a little more than the house market next year with once again many markets affected by the resources sector feeling it the most. It said Brisbane, Ballarat and Toowoomba’s unit market would start to decline with Perth and Darwin were already declining. The report said Alice Springs, Gladstone, Mackay and Rockhampton were approaching the bottom of the market. Markets which had started to recover were once again dominated by Tasmania. Hobart, Burnie, Devonport, Cairns, Hervey Bay, Launceston, Mildura and Mount Gambier were all on the list.


Up to Date

Latest News

  • Coastal connections: a new walking track for the towns of Cape Gloucester

    Whitsunday Regional Council have commenced an approval process with the Queensland Government to construct a walking track between the coastal towns of Dingo Beach and Hydeaway Bay. The track would initially be an earth walking track, with the possibility of converting it to a sealed path which could be used … Read more

    Read Full Post

  • Airlie Beach Festival of Music Line-Up Has X-Factor!

    Airlie Beach Festival of Music Line-Up Has X-Factor! Having last visited The Whitsundays “way too long ago”, Bassingthwaighte cannot wait. “We’ve been talking about it forever we’ll be bringing the kids, so lots of family outdoor fun,” she said. “It’s been such a strange time for everyone these past … Read more

    Read Full Post