Bowen Basin property prices finally recovering from mining downturn
Bowen Basin, after several years of property price reductions, appear to have finally turned the corner.
Just two years ago Bowen Basin landlords were struggling with millions of dollars' worth of unpaid rates amid the mining downturn, forcing local councils to consider repossessing homes.
The Central Highlands Regional Council based at Emerald, west of Rockhampton, was looking to repossess more than a dozen homes to pay down debts.
But this year CoreLogic found that Bowen Basin dwelling values have grown the most of any mainland district - some 14% over the past 12 months.
This ranked the best property price growth of any SA3 mainland region.
Sales this year kicked off when $95,000 was paid for 23 Acacia Street, Blackwater.
It had previously sold for $90,000 in 2009, suggesting prices above their last sale price were possible.
A clear example of Bowen Basin's changing fortune is 7 Luck Place, Emerald (pictured above).
The three bedroom one bathroom home sold earlier this month for $180,000.
It was a $70,000 increase on it's December 2017 mortgagee sale price of $110,000.
Set on a 751 sqm block, the house has yet to be reach it's 2005 sale price of $215,000.
Also indicative of the dwelling price growth in Bowen Basin is 1/28 Saville Street, Emerald (pictured above).
The three bedroom two bathroom apartment saw a price increase of $77,000 from it's 2016 mortgagee sale when it sold for $190,000.
Sold most recently for $267,000, the property is still short of it's 2008 sale of $342,500.
