House prices in mining towns continue to rise

Tuesday 01 May 2012

Article by Mozo

People who have been brought up in some of Australia's small mining towns are finding it extremely hard to find affordable properties.

Areas such as Pilbara have been at the centre of the mining boom and unsurprisingly, the demand for houses in these parts of the country is sky-high, the Australian Associated Press reports.

Although Sydney – one of Australia's trendiest places – has traditionally led the way when it comes to property prices, Pilbara has taken things to a whole new level.

Leaders at Crawford Realty Agents said that the median house price in the town is $300,000 higher than in Sydney.

Although a lot of people cannot get a home loan to cover these huge costs, the excessive prices have not put too many Aussies off.

Crawford representatives confirmed that the average selling time for a property in an iron ore mining town is just 14 days, compared with almost 80 days in Perth.

Have a question about home loans? Ask the money gurus at Mozo Answers.ADNFCR-1761-ID-801354095-ADNFCR

House prices in mining towns continue to rise

Find great home loan deals

Which type of home loan would you like to compare?

Back to top