Aussie mining towns see home prices dive

Sydney

HOMES in some Australian mining towns have lost almost three quarters of their value after the country's resource boom peaked and commodity prices plunged, according to CBRE Group Inc.

House prices in Queensland, home to much of Australia's coal output, recorded the steepest declines as mine closures wiped out jobs, CBRE said in a report on Wednesday. Home values fell 73 per cent in Dysart and 71 per cent in Moranbah in just three years, the property services and investment firm said.