CQ house prices on the rise
HOUSE prices in Blackwater jumped a whopping 150 per cent over the past year as the Central Queensland mining town emerged from the property doldrums.
Median house prices rose 151.3 per cent to $94,250 in June - the biggest jump in the state.
Of the 68 best performing suburbs to record double digit capital growth, Biloela rose 18.6 per cent to $272,750 and The Range jumped 13.4 per cent to $380,000.
Collinsville, south west 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.
The latest market research by CoreLogic offers even more hope for Blackwater with the median house sales price now up to $105,000 in the resource rich town.
Recent strong sales in the town include $220,000 for 17 Stower Street, $210,000 for 8 Cardinal Court and $150,000 for 41 Taurus Street.
Di Hancock-Mills, from the Real Estate Vision Group in Blackwater, welcomed the recent price rises but urged caution.
"This is welcome news for sellers and landlords but we don't want to see the market flooded again like it was, we want a sustainable community,” she said.
"In the past some poor sellers have been crucified by the banks forcing them to sell properties for $60,000, $70,000 and $80,000.
"This is a lifeline for those people who have managed to hold on to their properties for this long.”
Ms Hancock-Mills said the people selling houses for upwards of $200,000 deserved those prices but they "properly bought those properties for twice that amount” during the mining boom.
But those high prices were still a rarity, she said.
"I've sold houses for $30,000, for $40,000 and I even sold one for $12,500,” she said.
"The fact prices have come back up is a relief for everyone.”
REIQ CEO Antonia Mercorella said while many headlines predicted doom and gloom for the property market, the reality was very different with many markets in Queensland performing exceptionally well.
"A total of 68 suburbs throughout Queensland have delivered double-digit growth over 12 months, which is a really strong result," she said.
"And there are many more suburbs delivering strong single-digit growth. It's a great market to be in at the moment."
She said the suburbs delivering good growth are not all focused in the southeast corner, with a liberal sprinkling of suburbs throughout central and northern Queensland.
"The top area delivering the strongest growth has been Blackwater, with 151 per cent growth. This is a results of the resurgence in coal prices and the low base starting point," Ms Mercorella said.
However, Ms Mercorella cautioned against celebrating another 'boom'.
"While we're definitely seeing prices come back in western Queensland mining towns, such as Blackwater, these prices are still below their peak. It's unlikely we'll see a return to pre-2013 prices in those areas anytime soon," she said.