Bowen Basin enjoys stellar price growth

Bowen Basin enjoys stellar price growth

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Queensland’s Bowen Basin was the best performing council region over the last decade, with an average annual property growth of 43.1 per cent.

Latest statistics from RP Data revealed that the mining and resource regions have performed well during the last 10 years, highlighting the strength of the booming mining and resources sector.

RP data’s senior research analyst Cameron Kusher said, house prices in many of the regional communities had grown from an extremely low base of approximately $10,000 just a decade ago.

According to Mr Kusher, the Fremantle council area in Western Australia had the most expensive median price ten years ago of $140,000 for units. Today, less than 7 per cent of council areas nationally have a current median price for either houses or units at below $140,000.

The current median unit price within Fremantle is recorded at $555,000.

Roebourne, the mining and resource region of Western Australia, recorded the greatest median price of all council areas on the list at $840,000.

Looking at the performance across individual states, Western Australia is the standout performer with half of the 50 best performing council areas situated in the state.

South Australia is the next best performer with seven council areas followed by: New South Wales and Queensland (both 6), Tasmania (3), Northern Territory (2) and Victoria (1).

“In the regional areas we are generally seeing stronger price growth during the last ten years thanks to mining and resource booms, and the fact that their prices have come from a very low base -the next ten years could be vastly different,” Mr Kusher said.

Queensland’s Bowen Basin was the best performing council region over the last decade, with an average annual property growth of 43.1 per cent.

Latest statistics from RP Data revealed that the mining and resource regions have performed well during the last 10 years, highlighting the strength of the booming mining and resources sector.

RP data’s senior research analyst Cameron Kusher said, house prices in many of the regional communities had grown from an extremely low base of approximately $10,000 just a decade ago.

According to Mr Kusher, the Fremantle council area in Western Australia had the most expensive median price ten years ago of $140,000 for units. Today, less than 7 per cent of council areas nationally have a current median price for either houses or units at below $140,000.

The current median unit price within Fremantle is recorded at $555,000.

Roebourne, the mining and resource region of Western Australia, recorded the greatest median price of all council areas on the list at $840,000.

Looking at the performance across individual states, Western Australia is the standout performer with half of the 50 best performing council areas situated in the state.

South Australia is the next best performer with seven council areas followed by: New South Wales and Queensland (both 6), Tasmania (3), Northern Territory (2) and Victoria (1).

“In the regional areas we are generally seeing stronger price growth during the last ten years thanks to mining and resource booms, and the fact that their prices have come from a very low base -the next ten years could be vastly different,” Mr Kusher said.

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