SHIFT MINER The Queensland mining community’s best source of local news
Locally Owned and Operated - www.shiftminer.com
Monday 24th September 146th Edition 2012
M A G A Z I N E
Moranbah bubble House prices bursts nosedive IF YOU managed to sell your Moranbah home to an investor six months ago you’d be laughing yourself to the bank. But if you were the investor, you may be crying in your flat beer (if you can still stomach it). In just a few short months, the Moranbah real estate market has plunged from neverseen-before prices skyrocketing to $900,000 a home, to a situation where more than 260
houses are on the market and not budging. Where rentals were once fetching up to $4000 a week and being snapped up almost before they were advertised, there are now over 200 rentals with most prices below $1500. “The market has taken a complete backflip from last year,� John Wood from Moranbah Real Estate told Shift Miner. “It has been really slow - to put it bluntly.�
Mr Wood said there was very little interest in rentals, thanks to the plunge in the coal market which has seen contractors leave the town. And with no new contracts, supply was well and truly outstripping demand. “We’re not panicking yet,� he said. “The heavy investors are feeling a bit of uncertainty.�
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WEST GETS WILDER
Outback beauties descend on Black Nugget Âť Â Â More pictures page 16
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News Caval Ridge going ahead Âť page 4 News Allowance laws changed Âť page 5 News Jobs under pressure Âť page 6 News Park residence off to track Âť page 8 @Home Hold on to love Âť page 15
Money Matters Farm buy up over Âť page 25