Australia Mining Towns Lead Gains In Housing Market Recovery

Home prices in Australia’s mining towns are leading the recovery in the property market, accounting for nine out of the 10 suburbs with the strongest growth in median prices.

The gains were led by a suburb close to the home to one of the world’s largest lead smelters, as well as a once-struggling steel city, as record-low interest rates and an easing of bank-lending rules support demand. 

“Mining towns are definitely having a moment,” REA Group Chief Economist Nerida Conisbee said. Risdon Park South, a suburb of Port Pirie, the South Australian location of Nyrstar NV’s smelter, registered a 71% jump in median prices in the 12 months ended August, according to the latest data from Hometrack Australia.