Resources sector could give rise to further investment opportunities
There is no doubt that the resources sector has had a widespread impact on demand for Queensland investment property – and this trend might not be over just yet.
There has been concern that the resources boom could be reaching its natural end, but the Queensland government has other ideas.
A package totalling $30 million has been announced to offer exploration support, which will provide funding to areas that have the potential to thrive.
Minister for natural resources Andrew Cripps highlighted that the money will be made available to mineral and petroleum and gas exploration programs, which should bring a huge economic boost to certain areas.
As one of the single largest investments ever made in the sector, there is no reason why the resources industry has to take its final breaths just yet.
How far has the Queensland resources boom come?
In many respects, Queensland has been at the heart of the national resources boom.
Take coal seam gas (CSG) as an example – figures from CSIRO show that between 1995 and 2000, around 150 CSG wells were dug across Queensland and New South Wales.
In the nine years previous to 2012, there were more than 4,000 in Queensland alone, showing just how far the industry has come in a relatively short space of time.
A total of 127 mines have been opened over the course of the past 13 years, each of which has played its own part in the success of the Australian mining industry, as well as the local area it serves.
With this latest round of investment having been announced by the Queensland government, there is potential for these figures to be further improved upon.
Property hot spots resulting from the thriving resources sector
Certain areas of Queensland have undoubtedly benefited more than others from the resources boom, mainly due to the high levels of investment they have received at a state and private level.
Gladstone has become one of the region's property hot spots, as people relocate to the area in search of employment, often bringing their families with them.
Employment in Queensland's mining sector increased from 19,000 in 2001 to 53,000 ten years later, the CSIRO statistics show, so there are literally thousands of reasons to buy an investment property in the area.
Surat Basin is another region to have really thrived off the back of the success of the resources sector – employment in the area has soared and other industries have also reaped the rewards.
Many major companies have recognised the benefits of doing business in the area, therefore attracting people in search of a new job or a better quality of life.