Brett Wortman

Mining downturn a blow to Gladstone rents again

A DOWNTURN in the mining industry could be having flow-on effects for the rental market across the whole of Central Queensland - if new figures are anything to go by.

Median weekly rents in Gladstone have fallen the most in the past two years - a staggering 37.5%.

Central Highlands, which recorded median weekly rents about $400 in June 2013, fell to a median of $220 this June quarter.

The same happened for Mackay over the past two years; with median rent prices falling from $400 in June 2013 to $300 this year.

Thermal coal prices continued on a downward course in the first half of 2015, in response to a surplus supply and lower import demand from China.

Demand for Australian coal in key markets including Japan, South Korea and Chinese Taipei remained relatively steady during 2014-15.

The trend so far in 2015 confirmed that India was set to become the biggest Asian market for Australia's thermal coal.

Indian imports of thermal coal reportedly jumped 23% in the first quarter of 2015.

Gladstone rents

Three-bedroom house

Apr-Jun 2015

$300

Apr-Jun 2014

$335

Apr-Jun 2013

$480

Two-bedroom flat

Apr-Jun 2015

$240

Apr-Jun 2014

$280

Apr-Jun 2013

$420

Source: rta.qld.gov.au



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