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Property prices in Western Australia’s mining regions are tipped to keep rising with the resources boom fuelling demand for regional housing, analysts say.
Smart Property Investment’s Fast 50 report released yesterday featured Pilbara towns Port Hedland, Dampier, and Newman among some of the nation’s hottest property locations.
Fast 50 contributor Helen Collier-Kogtevs said the high average wages and housing shortage in the Pilbara made it an attractive area for investors.
“It is strategically important to the national economy, has great historical performance and great projected performance, low vacancy rates, high per capita income levels and a shortage of, and high demand, for housing,” she said.
Mining regions in Queensland and the NSW Hunter Valley also made the list.
The report said many regions in NSW were attractive because they benefitted from the resources boom but did not rely on it.
It said the added benefits of tourism helped diversify these regions.
The report also indicated coal seam gas regions in Queensland’s Surat Basin were attractive investment locations.
But report contributor Margaret Lomas said the areas were “only for the high-risk investor” given the limited lifespan of coal seam gas.
While the hot prices mark an attractive money making opportunity many locals in mining regions blame out of town investors for making rural areas too expensive to live in.