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Prices soar in mining towns

The resources boom has pushed up residential property prices in some mining towns by more than 44 per cent in the past year.

The resources boom has pushed up residential property prices in some mining towns by more than 44 per cent in the past year.

RP Data research shows prices at Broken Hill in western NSW rose 44.6 per cent and, at Glen Eden, a suburb in the Queensland city of Gladstone, they rose 44.2 per cent. Other resource-rich centres where prices jumped in the year included Kalgoorlie in Western Australia (with 36.1 per cent), Clermont in Queensland (with 39 per cent) and Whyalla in South Australia (with 35.4 per cent).

Mark Spearing, the Real Estate Institute of Queensland's Gladstone zone chairman, said population growth and billions of dollars of infrastructure work proposed or under way in the region were driving up residential prices and rents.

Gladstone had a lack of new dwellings, one of Queensland's lowest vacancy rates and elevated rentals.

Only a "handful" (comprising $246 million) of residential developments were planned or under construction there, he said.

- mining, property, prices

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