Booming mine town rents skyrocket

Normal
0

false
false
false

MicrosoftInternetExplorer4

/* Style Definitions */
table.MsoNormalTable
{mso-style-name:”Table Normal”;
mso-tstyle-rowband-size:0;
mso-tstyle-colband-size:0;
mso-style-noshow:yes;
mso-style-parent:””;
mso-padding-alt:0cm 5.4pt 0cm 5.4pt;
mso-para-margin:0cm;
mso-para-margin-bottom:.0001pt;
mso-pagination:widow-orphan;
font-size:10.0pt;
font-family:”Times New Roman”;
mso-ansi-language:#0400;
mso-fareast-language:#0400;
mso-bidi-language:#0400;}

The mining boom is causing rents in regional towns to skyrocket, with prices in Moranbah jumping about $1000 a week in the past three months.

The Mackay Daily Mercury reported many tenants renewing leases in Moranbah have found their rent has doubled, with most properties ranging from $1400 to $3300 a week.

LJ Hooker Moranbah sales partner Craig Aitcheson told the Daily Mercury rent prices in the town were “literally crazy”.

“I’ve lived here my whole life and I’ve never seen it this bad,” he said.

The prices are causing some tenants to move to surrounding towns to escape the prices.

Moranbah Action Committee spokesperson Kelly Vea Vea told the Courier Mail governments and miners needed to step in to solve the problem.

Rents have also spiked in Moranbah after BHP Billiton’s $4 billion Caval Ridge mine was given the green light.

Moranbah Real Estate sales consultant Marie Plahm told the Daily Mercury the town’s buyers market was also hotting up.

“The last 12 months property prices have risen $80,000,” she said.

Plahm said most of the buyers were not locals looking for accommodation but investors looking for high returns.

To keep up to date with Australian Mining, subscribe to our free email newsletters delivered straight to your inbox. Click here.