Property Market Boost in Mining States Predicted

Property Market Boost in Mining States Predicted

The latest market research on investor confidence shows a noticable rise in confidence in the mining states of Queensland, Western Australia, Northern Territories and South Australia. The Property Council/ANZ Property Industry Confidence Index clearly indicates there is a strong correlation to the strength of the mining industry and property investor confidence.

South Australia’s Olympic Dam was a major contributing factor for the states property market upturn predicted in 2012. BHP Billiton and the state government recently signed a firm agreement propelling the countires largest uranium mine into the next stage of development.

ANZ head of property research, Paul Braddick, said news of the go-ahead for the Olympic Dam expansion would likely serve as a positive marker for the future.

“We expect property market confidence to remain positive through 2012 with a more buoyant outlook for state economic activity and strong housing market fundamentals.”

Currently one of the most affordable states to purchase property, South Australia is quickly moving to the forefront of the country’s resources boom as its uranium rich areas become highly sought-after by energy-hungry countries such as the United States and Japan.

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