National valuation service Propel released a report into mining town property prices last week that reported Singleton prices had fallen 14 per cent in the past year and Muswellbrook’s slid 13 per cent.

The report, The Carnival is Over: House Prices in Mining Towns Now the Boom is Gone, suggested investors put their money closer to the coast.

David Haggarty First National principal Michael Haggarty said Maitland had a more diverse economy that helped the market ride out the tough times.

“While there has been a downturn in the mining industry, there are still jobs up there and we’re still close to the coast,” he said.

“Maitland is a hub these days and no longer a boon docks town.”

Mr Haggarty said, while the downturn had affected sales and rentals in Maitland’s west, there were some encouraging signs.

“There are certainly places selling out there, if not as well as in the mining boom,” he said.

“Since December we’ve seen the start of a recovery in the [property] market if not to the extent of Sydney.”

Purchase inquiries through Fairfax’s Domain digital products have already improved on 2014.

Domain registered an additional 3600 inquiries in Rutherford properties for sale compared to September.

The Propel report noted there were worse markets than Singleton and Muswellbrook, which where comparatively more diverse than places including Moranbah in central Queensland, where prices fell 37 per cent.

The report noted that commodity prices made real estate investment a tricky task.

“Buying a house in a mining town is not so much a real estate decision as a futures play on the global commodities market,” the report said.

“Value depends on rent, which depends on accommodation demand for employees working on a resource project.”

Inquiries through Fairfax’s Domain web products demonstrate a lift in buyer confidence across Maitland.

As a sign of consumer confidence, real estate agents received an increase in inquiries in January compared to September.

For Rutherford properties there were 24,416 purchase inquiries  in January compared to 20,803 in September – an increase of almost a 20 per cent.

Inquiries in Ashtonfield almost doubled from 9668 to 17,824.

East Maitland was also popular among tprospective buyers, with 39,931 inquiries up from 30,927.

Singleton and Muswellbrook also showed signs of improvement.

There were 23,256 inquiries for Singleton properties in January compared to 19,247 in September.

In the same period, Muswellbrook recorded 13,151 inquiries up from 11,572.