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Are mining town property prices about to soften?

By Staff Reporter
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Long term funding has been committed to soften house prices across resource towns, according to the Queensland government’s new budget.

The 2012/2013 State Budget will see funds poured into resource regions through the Land Supply, Economic and Regional Development Initiative, said deputy premier Jeff Seeney.

"Over the next three years we will spend $100 million making a concerted attack on the problems that have beset many communities in resource regions," Mr Seeney said.

"In the main there's been a shortage of land and housing which has caused houses prices and rents to go through the roof, but there are other associated growth pressures that also need to be looked at.”

The aim will be to ‘normalise’ real estate dealings from Mackay to Miles, and to Mt Isa, he said.

"We want to ensure that workers like teachers and bakers and shop assistants - and not just those on the high mining workforce wages - can afford to live in these communities.”

This will not be done immediately, however, as the “situation cannot be changed overnight,” he said.

Already, $15 million has been committed to fast track 185 blocks of land in some of the most unaffordable towns, including Moranbah and Blackwater.

"This Budget adds another $10 million this financial year to accelerate development and make more land available," he said.
 
"In the next Budget we will double the funding to $50 million and add another $25 million in 2014-15 - a total of $100 million in spending in three years.”

Areas in which workshops were undertaken to identify land availability and housing problems included Dalby, Roma, Toowoomba, Bundaberg, Gladstone, Emerald, Rockhampton, Mt Isa, Cairns, Moranbah and Mackay.
 
"This will be a revolving fund that is likely to increase as the state's financial position improves,” Mr Seeney said.

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