Mine town property still stars

QUEENSLAND'S mining towns still dominate property values with staggering growth, but it's the cheap and cheerful suburbs which have performed best in suburban Brisbane.

Mining towns Dysart and Moranbah top the statewide list for growth in house prices, with medians rising a monster 3992 per cent and 1919 per cent cent between 2002 and 2012.

Homes in Ipswich suburbs featured strongly among the best performers in the Brisbane statistical division.

According to RP Data figures, the change in median house prices in Willowbank, about 55km southwest of Brisbane, between 2002 and 2011 was 339 per cent.

Other strong performers were Darra and Carole Park, where medians rose 292 per cent and 290 per cent respectively.

Many of the suburbs to record strong median house price growth over the 10-year period were in outlying suburbs and still had relatively affordable median house prices.

In the unit market, towns close to the mining action once again did the best with Gladstone, Woree and Gladstone City topping the list.

In the Brisbane region, it was once again the outer western suburbs which performed well. Redbank Plains had the highest growth in its median unit price - up 398 per cent.

RP Data research director Tim Lawless told a Realestate masterclass this week that the Brisbane market was underperforming but starting to head in the right direction.

"Transaction volumes remain well below average,'' he said.

Source: http://www.dailytelegraph.com.au/realestate/buying/mine-town-property-still-stars/story-fndbpo91-1226510606148