Blackwater bargain hunt

HOUSING market activity is up in the Central Queensland town of Blackwater, with some unit prices falling as much as 75% during the ongoing coal downturn.
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BMA's Blackwater mine.

Blair Price

Blackwater Real Estate principal Jason Campbell told CQ News that young people, new families and former renters were swooping on bargain prices as interest rates hit new lows.

"In Blackwater, in the last three to four weeks, it has kicked along. They're keen to buy," he told the newspaper.

"We're getting a lot of interest."

Campbell confirmed that currently he has close to 230 properties for sale from as low as $49,000.

"A couple of years ago, units were selling for $600,000,” Campbell said.

“Now the average price is $150,000. There was an unsure feeling late last year, but since then, people are getting more confidence and they're not leaving town … they see a future.

"This area will come back and people aren't going to lose out with these prices."

BHP Billiton Mitsubishi Alliance’s Blackwater mine was one of four mines expected to bear the brunt of BMA’s 700 job cuts announced in September.

Metallurgical coal prices for Wesfarmers’ significant Curragh Mine, 14km north of Blackwater, fell by 1% in the March quarter compared to the previous quarter.

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