Media release - 19^th August, 2013

Regional hub's growing population clamouring for real estate

Raine & Horne Charters Towers recently sold seven properties priced between $130,000 and $320,000 in just nine days
Buying activity is being fuelled by investment in the region’s growing mining sector
However, Charters Towers is not solely dependent on mining – it also has robust agriculture, tourism, health, education and government sectors, which provide jobs to the town’s growing population of around 13,000

In a record recent run, Raine & Horne Charters Towers has sold seven properties priced between $130,000 and $320,000 in just nine days.

According to Lisa Palmer, Principal of Raine & Horne Charters Towers, the real estate firm secured the sales of a wide variety of properties, from miner’s cottages valued at $130,000 through to houses worth $320,000.

The spike in real estate activity is attributable to the news that a number of major coal mines will go live between 2015 and 2018, which Ms Palmer maintains will drive jobs and population growth in Charters Towers, a major regional service and transport hub connecting the region with Brisbane, Townsville and Mount Isa.

Projections released in 2011 indicate that by 2016, the expected population of Charters Towers Regional Council will be between 13,404 and 13,992 persons. By 2031 this is expected to change to between 14,100 and 16,408 persons.[i]

“Charters Towers is the second biggest inland city west of Townsville and is set to enjoy the economic benefits from the construction of the nearby China Stone Coal Project, Guildford Mine and Adani Carmichael Coal Mine,” said Ms Palmer.

“The new mines are additional to Evolution Mining’s Pajingo Gold Mine, which is 50 kilometres south of Charters Towers and the nearby CitiGold Mine, which is undergoing a $100 million expansion.

“The new mines will bring significant wealth and jobs to the region, with Adani set to be the Southern Hemisphere’s biggest coal mine.”

Adani Group, an Indian mining firm, will employ 13,260 workers in pre-mining operations starting in 2014 at the Carmichael operation – with 6,675 employed when the mine is operational.

“While we don’t expect every worker from the new mines to live locally, it’s fair to anticipate that these projects will underpin long-term real estate growth in Charters Towers,” commented Ms Palmer.

While the investment in the region’s mining sector has Charters Towers primed for success, Ms Palmer is also determined to draw attention to the northern Queensland town’s economic diversity.

“Charters Towers is not a ‘one trick pony’, and mining is merely the cream on top of an extremely robust local economy,” says Ms Palmer.

“Apart from mining, we have stout agriculture, tourism, health, education and government sectors providing jobs for many of our 13,000 residents in Charters Towers,” says Ms Palmer.

Fertiliser firm Agripower, for example, is building a processing plant on the outskirts of Charters Towers to support its expansion into international markets.

“The plant will be built in three stages, with 100 workers employed to operate each phase of the project,” said Ms Palmer.

“When completed, the processing plant will create 300 new jobs in Charters Towers.”

Charters Towers is also home to one of Australia’s biggest cattle yards, the Dalrymple Saleyards, which has the holding yard capacity for approximately 10,000 head of cattle, and employs many locals, while the robust education sector includes three private secondary schools, a state high school and four primary schools.

“The Charters Towers Regional Council is one of the town’s biggest employers, while Charters Towers Hospital in undergoing a multi-million upgrade.”

Charters Towers’ housing affordability is another attraction for homebuyers, with modern three to four bedroom homes valued between $200,000 and $250,000.

“In reality, $190,000 to $250,000 can buy a three or four bedroom house in Charters Towers,” says Ms Palmer.

“Executive homes range from $300,000 to $440,000 and are attracting interest from mining company executives.”

For example, Raine & Horne Charters Towers recently listed 17 Phil West Court, Charters Towers for $439,000.

“This stunning home is perfect for a mining executive and comes with three queen-sized bedrooms, and a king-sized bedroom with an ensuite. All bedrooms have built-in wardrobes, and split system air-conditioning,” says Ms Palmer.

“It has a stunning gallery style kitchen, a generous lounge room, as well as a second room that could double as a media room.

“Other significant features include a 3-bay fully lockable shed, a fully fenced backyard and beautiful landscaped gardens with pop-up sprinklers.”

The town is also well served with a diverse shopping precinct along Gill Street, where major brands such as Woolworths, McDonalds, Red Rooster, Subway, Foodworks, Home Hardware, and Target mix with a wide variety of independent retailers, restaurants and cafes.

“The potential for families to buy a home here, work here and educate their families here is quite high and will drive long-term property values,” says Ms Palmer.

To find out more about the real estate market in Charters Towers, contact Raine & Horne Charters Towers on 07 4787 4788.

-ENDS-

For further media information contact:

Lisa Palmer, Principal, Raine & Horne Charters Towers on 0438 852 136

Andrew Harrington, National Marketing & Communications Coordinator on 02 9258 5400

[i] Population and Dwelling Profile, Charters Towers Regional Council Updated April 2012

Charters Towers not a “one-trick pony”