Moranbah - Central Queensland
When will Moranbah recover?
Activity in the mining sector is gathering momentum as mines that had previously been placed in “care and maintenance” mode restart operations, creating hundreds of new jobs.
The massive Adani coal mine project is overcoming hurdles with its groundwater plan finally receiving approval from the Queensland Government and another new $1 billion mine is proposed in the Moranbah area.
This provides hope for those who have invested in mining towns like Moranbah. The vacancy rate has fallen (it has been below the benchmark of 3% for two years), rents have risen and prices are increasing again.
Following the savaging of property markets in mining towns caused by miners being accommodated in custom-built camps (rather than renting local dwellings), the Queensland Government has passed laws banning 100% FIFO workforces.
With 25 large resource projects near Moranbah, the town can expect to benefit from the changes.
For now, the signs of recovery in Moranbah are small but encouraging. However, it will be a long time before Moranbah property values return to the peak levels seen at the height of the resources boom, when the median house price rose above $700,000.