Property activity slumps in mining towns

The controversy surrounding the federal government’s super profits tax is starting to impact negatively on the property market.

New data from Ray White revealed that property sales were down 18 per cent in resource dependent regions such as Mackay.

Ray White joint chairman Brian White said the real estate’s results in mining cities nationwide were below average.

“We didn’t expect the controversy over the Resource Super Profits Tax to impact on property but it did,” Mr White said.

“But offices in the cities that recorded a drop in sales, reported a quick upswing as soon as the new Prime Minister declared an agreement had been reached with the mining companies.

“It was more proof that real estate activity reflects the attitudes of the community as much as their basic needs.”

Ray White’s overall results for June, 2010, were up two per cent on the corresponding period last year with sales of $2.4 billion.

Source The Adviser


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