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The Coal Hub of Australia | Issue 15 MORANBAH The Coal Hub of Australia | Issue 15 Page 1 Moranbah - Positive Property Report | Issue 15 1 INTRODUCTION Crawford Property Group Crawford Property Group are your positively geared property experts, specialising in cash flow earning property Australia-wide. Positive property is now the investment vehicle of choice for many investors, and offers many benefits including high rental returns, passive income and the ability to build a successful portfolio quicker! As your positive property destination CPG can help with market knowledge, education, property selection and management of your new investment property. What are you waiting for? Explore our site at crawfordpropertygroup.com.au and start your investment journey today. Search through our positive properties, accurate market information, market updates, success stories and best financial options for the right advice. Page 2 Moranbah - Positive Property Report | Issue 15 2 View Positive Properties Now CONTENTS Moranbah at a Glance 4 Population and Demographics 6 The town’s demographic 6 Isaac regional council 7 The Resources Pipeline 9 Infrastructure Investment 10 Property Market 12 Current state of the market 13 A set of circumstances lead to a hiccup 14 So Where to for the Market? 15 Now is a good time to invest 16 Tenants 16 Demand for Moranbah’s resources to strengthen with urbanization 17 Demand for coking coal 19 Demand for thermal coal 20 Commodities boom isn’t over 20 So what does this all mean for property investors 21 Page 3 Moranbah - Positive Property Report | Issue 15 3 View Positive Properties Now MORANBAH AT A GLANCE Established in 1969, Moranbah is one of the youngest towns in Queensland. Situated on the Peak Downs Highway between Mackay and Clermont in the State’s Isaac region, Moranbah is a coal mining town created specifically to cater for the miners working in the surrounding mines and their families. The town was rapidly expanded in the late 1970s by the Utah Development Company in order to house these mine workers and as coal mining has expanded in the region, Moranbah has grown and developed significantly. It currently caters for a population of around 23,000, and as the service centre for the local workforce employed in the mining sector, the town now it has an abundance of modern facilities. For a small regional town it offers a diverse range of sports and entertainment facilities, including a skate park, library, public swimming pool, rugby league, AFL, hockey, tennis, off-road racing, motocross and a BMX club. Moranbah is considered the largest mining town of the Bowen Basin, directly servicing 12 mines within 50km of the township – more mines than any other town in Australia. These include the Peak Downs Mine, Goonyella Riverside Mine, Broadmeadow Mine and Moranbah North Mine as well as several other smaller mines in the region. Moranbah has seen substantial growth in property prices over the years, leading many investors to secure property in the town over the last decade. While values and rents were rising steadily for years, a series of events in 2012, both market and industry-based resulted in a retraction in occupancy rates and market pricing in the town. In 2014, with greater activity being reported by real estate agents on the ground in Moranbah, and with the town gearing up for a busy year, now is the opportune time for investors to be entering the market. Prices are currently cheaper than they have been for a long time, but with population growth forecast to continue and mining still going strong, with plenty of demand for resources globally, the scene is set for a rebound for Moranbah’s property market in the not too distant future. Page 4 Moranbah - Positive Property Report | Issue 15 4 View Positive Properties Now POPULATION AND DEMOGRAPHICS Population growth – past and future Due to the growing amount of investment in the coal mines surrounding the town Moranbah is a fast growing community. Its population has risen steadily, from around 7,500 in 2006 to nearly 9,000 as at the 2011 Census, according to data from the Australian Bureau of Statistics (ABS). That’s a 20 per cent rise in five years, or four per cent growth per year. In addition to its permanent population, it also has a large fly-in fly-out (FIFO) population, which populates the local housing market. The population of Moranbah is expected to continue growing. Isaac Regional Council’s population is projected to increase by over 62 per cent by 2031, from 23,000 people to 37,000 people (see Table 2 and Figure 3 below) – and most of these people are expected to reside in the council’s regional centre, Moranbah. Source: Queensland Government - Office of Economic and Statistical Research Page 5 Moranbah - Positive Property Report | Issue 15 5 View Positive Properties Now The town’s demographic The majority of people living in Moranbah continue to be mine workers. According to the 2011 Census, 40 per cent of workers identified as being in the coal mining industry, and others are in occupations that service these miners and their families living in the town. Following coal mining, just over four per cent of workers identified themselves as being in school education and 2.7 per cent identified as being in the cafes, restaurants and takeaway food services industry. Furthermore, of those employed, nearly a quarter were identified as being ‘Technical and Trades Workers,’ and a further 25 per cent identified themselves as being ‘Machinery Operators and Drivers’, demonstrating the heavy bias towards working in the mining industry in Moranbah. At the time of the last census in 2011, only two per cent of Moranbah’s population were unemployed, compared to 6.1 per cent for Queensland, and more than 70 per cent worked full time, compared to just 60 per cent for Queensland. Moranbah: Occupation of employment Source: Australian Bureau of Statistics In addition, the median age of residents was found to be 29, much lower than the median for Queensland of 36 and the median for Australia of 37. This indicates that many people have moved into the area to work in the mining industry, with the older demographic choosing to reside elsewhere. Page 6 Moranbah - Positive Property Report | Issue 15 6 View Positive Properties Now Isaac Regional Council - Queensland’s economic powerhouse Moranbah is located in a region known as the economic powerhouse of Queensland – the Isaac Regional Council, which is located halfway between Cairns and Brisbane. This area covers 58,862 km2 and incorporates several other towns including Clermont, Coppabella, Dysart, Glenden, Middlemount, Moranbah, Nebo and St Lawrence. The Isaac Region is underpinned by one of the largest coal mining deposits in Australia, and it supplies Queensland with around half of all coal produced, as well as three quarters of the total value of coal exports. According to the Isaac Regional Council, the region generated in excess of $18.1 billion in economic value in the 2009 2010 period and is one of the fastest growing economies in Queensland due to the growth that has been experienced in the mining and exploration sector. With a Gross Regional Product (GRP) of over $9 billion for each of the last four years, the Isaac Region has proved very resilient despite a pullback following the global financial crisis - a fact evidenced by a persistent low unemployment rate – which as Isaac Regional Council, generated in at June 2013 was sitting at 1.5 per cent, and the excess of $18.1 billion in economic number of unemployed being a mere 220 people. value in the 2009 2010 period and is While the unemployment rate in the Isaac Region has crept up from its low of 1 per cent in 2012, it is one of the fastest growing economies still very low, especially in comparison to Australia in Queensland. and Queensland, which had unemployment rates of 5.7 per cent and 6 per cent respectively as of June 2013. Page 7 Moranbah - Positive Property Report | Issue 15 7 View Positive Properties Now Another standout point for the town is the high level of household income. The area had a median household income of $2,579 per week in 2011, more than twice the national average of $1,234 per week, and Moranbah had an even higher median household income of $2,778, per week. These high wages are due to the fact that the majority of people living in Moranbah are in the mining industry. Ever since the resources boom in early 2000, Australia’s mining industry has been at the forefront of wage growth in the country. This is because soaring global demand for commodities has ensured that mining workers remain in demand. As the mining sector has increased production, it has raised its employment levels and (especially) wages to attract new workers, particularly for workers going to high demand areas like Moranbah in the Bowen Basin. Furthermore, a recent report by Suncorp Bank found that miners are the new elite of Australia’s workforce – out-earning all other industries by an average of $60,000 per year. In an industry where overtime is common, these ‘fluoro’ collared workers, alongside their blue collared brothers, have overtaken their white collar counterparts in Average wages by industry, 2012 the wages war. Among them, the FIFO miners are Source: Suncorp Bank Wages Report 2012 now amongst the highest paid workers in Australia. It’s no wonder then that, according to a study by Commonwealth Bank, the largest wage increases in Australia were in the mining sector at 5.2 per cent over the year to June 2012. Page 8 Moranbah - Positive Property Report | Issue 15 8 View Positive Properties Now THE RESOURCES PIPELINE The rapid expansion of coal mining in the Bowen Basin is expected to see a 100 per cent increase in coal production between 2012 and 2020.
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