Iron ore majors ramp up supply even as China faces challenges
Iron ore is one of the year’s worst performing major commodities, slumping by almost a quarter as China’s property crisis drags on.
Average rent in a number of Queensland, Australia mining towns is coming down quickly as the country’s 10-year mining boom fades.
Queensland’s Residential Tenancies Authority said that average weekly rent in Gladstone, Mackay and Roma has dropped significantly – as much as 15% in some areas, in its annual report.
Mount Isa however, which is Glencore Xstrata territory, was one area that did not see decline, with average weekly prices rising from A$540 to $580.
“The cheapest place to rent in Queensland currently is Maryborough, coming in at $255 per week, while Mt Isa was by far the most expensive averaging $580 per week,” according to the Queensland Mining and Energy Bulletin, citing the report.