Lessons from Greenvale, a former mining hotspot now tracking at a slower pace

Lessons from Greenvale, a former mining hotspot now tracking at a slower pace
Diane LeowDecember 7, 2020

Once a boom mining town housing over 3,000 people before the local nickel mine closed, Greenvale, in the Dalrymple shire in Queensland, is now home to just 289 residents according to the latest census data. 

Yesterday, Terry Ryder wrote in his column published in Property Observer that he met a man at the Brisbane Home Buyer and Property Investor Show who once owned 30 units and 16 houses in Greenvale at the height of the mining boom. 

When the mine closed down and the train line was removed, he then had to sell his properties for a song. 

Ryder highlighted this as a reminder that investors should not put all eggs in one basket. Instead, he recommends “having a geographical spread” of investment properties. 

Located approximately 220 kilometres northwest from Townsville, Greenvale lies on the banks of the Burdekin River on Gregory Developmental Road. It once had a nickel mine with ore carried by train to a processing plant in Yabulu between 1974 to 1993. The railway tracks were removed in mid-2000. 

Despite the fact that nickel mining operations have ended, more mining operations in the area have commenced. In particular, north Queensland mining company Metallica Minerals Ltd discovered one of the world’s largest deposits of the rare earth, Scandium, at a former Greenvale nickel mine. They are planning to launch the SCONI project in the near future. 

Scandium is vital for making solid oxide fuel cells, which are used for generating electricity from natural gas and renewable fuels. 

With Metallica Minerals Ltd looking to reopen the mine, Lisa Palmer of Raine and Horne Charters Towers is optimistic about the Greenvale property market. 

“It’s not a hot market; it’s a specialist area. It’s not something that’s going to sell overnight. With the prospect of the mine opening, in the next six to twelve months investors will be more interested in these areas,” she told Property Observer. 

Palmer adds that movement in the market mostly comes from home owners who have decided to move on, or investors looking to buy in the area. 

While Greenvale is only about 220 kilometres from Townsville, Palmer feels the area is best for retired couples, young families who enjoy being away from the city, or people working in the grazing industry who are looking to be close to their place of work. 

According to the latest report by RP Data, an average discount of 10.9% is required to sell a house in Greenvale, and private treaty sales average 48 days on market. 

 


Properties listed for sale in Greenvale include: 

8 Tristana Court, a four-bedroom house listed for $185,000 by Raine & Horne Charters Towers. The house last sold for $120,000 in 2008. It was also listed for sale in the same year for $145,000; and again in 2010 for $160,000 according to RP Data records. 

4 Grevillea Court, a three-bedroom house (pictured below) listed for $100,000 by Raine & Horne Charters Towers. The house last sold for $35,000 in 2004, and was sold at $69,990 in 1996.

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12 Grevillea Court, a three-bedroom house listed for $260,000 by Jensen’s Real Estate & Livestock. The house last sold for $105,000 in 2005. It has been listed for sale since March 2010. 

2 Hakea Court, a two-bedroom unit (pictured below) listed for $120,000 by Ray White Townsville. The unit last sold for $40,000 in 2011, and was also sold for $30,000 in 2007 according to RP Data records.

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7 Hakea Court, a two-bedroom unit listed for $115,000 by Jensen’s Real Estate & Livestock. The unit last sold for $41,000 in 2011, and was also sold for $42,000 in 1996. It has also been listed for sale since February last year. 

Properties that have recently been sold in Greenvale include: 

8 Grevillea Court, a three-bedroom house (pictured below) that sold for $87,000 last year. The house was sold in 2005 for $52,000, in 2004 for $27,000, in 2002 for $22,000, and in 1997 for $69,990. It was also listed for sale in 2008 for $170,000, according to RP Data records.

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1 Geranium Court, a three bedroom house that sold for $89,000 last year. The house was sold in 2004 for $65,000, and in 1998 for $59,990 according to RP Data records.

Image of Greenvale railway track works courtesy of the National Library of Australia.

 


Diane Leow

Diane has spent her entire career in the world of digital. She is passionate about delivering the best content to a world that is becoming increasingly jaded by the news. She also believes in the importance of great journalism and how it can change the world. Oh, she also drinks a lot of coffee.

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