- July 10, 2018
- Posted by: Rogers Property Group
- Category: Australian Property Market, International Property Market, Latest News, Queensland Property News
A recent sale by a mortgagee in possession in the mining town of Moranbah on the 2nd of July resulted in a loss of over $500,000. The property was once getting $2,200 per week and was sold for $740,000 in 2002 when the area was in short supply.
But like I always advise clients “be wary of regional markets – especially those that relate to mining” The reason is that they carry inherent risk with the lack of job diversity. If that job sector slows down, there will no longer be the need for extra housing. This causes price to drop.
The median house price in Moranbah is only $187,000.