THE property market throughout Central Queensland is stabilising with sales volumes and prices returning to pre-mining boom levels.
The boom triggered significant price rises in housing and apartments throughout the region, including out west to the mining towns of Moranbah, Emerald, Dysart and Blackwater.
The economies of these towns have struggled since the boom ended about 2012, with rising unemployment and limited opportunities for economic diversification.
However, for Mackay, Rockhampton and Gladstone, traditional economic bulwarks of tourism, sugar, beef, export and education are helping to stabilise the economy.
Many experienced property observers agree, property sales volumes and values are now finding their new normal.
Mackay has fared the worst of the three major centres, with the annual median sale price continuing to sink, now sitting at $365,000, down 10.1% on a year ago and 8.8% lower than five years ago.
Even though Rockhampton has a lower median house price, now sitting at $294,500, it’s only 5.4% below a year ago, and down just 1.8% on five years ago.
This indicates a more stable market and the REIQ is confident that the bottom has been reached.