Pursuits
Home Prices Dive as Australian Mining Towns Go From Boom to Bust
- Values plunge more than 70 percent in Queensland towns: CBRE
- Former resource hubs have little prospect of growth: CBRE
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Homes in some Australian mining towns have lost almost three quarters of their value after the country’s resource boom peaked and commodity prices plunged, according to CBRE Group Inc.
House prices in Queensland, home to much of Australia’s coal output, recorded the steepest declines as mine closures wiped out jobs, CBRE said in a report Wednesday. Home values fell 73 percent in Dysart and 71 percent in Moranbah in just three years, the property services and investment firm said.