There’s life still in the mining boom yet, say experts
There has been a lot of talk recently over whether the resources boom could be coming to an end – a claim that has been strongly refuted by those in the know.
Aside from offering employment to thousands of people and providing support for the economy, the mining boom has played a strong role in people's decisions to purchase Queensland investment property.
There is no reason why this should not continue, especially as many new projects are taking place throughout the state and investment continues to thrive.
Some parts of Queensland have become property hot spots as a result of the resources boom and offer strong returns on investment to buyers year in, year out.
Mining towns make a name for themselves
Several parts of the state have caught the attention of investors due to their proximity to major projects and as a result, have seen the price of property soar.
Among them is the Surat Basin, where a number of mines have been established since the onset of the resources boom.
Locations such as Chinchilla and Roma, which may not otherwise have been on the radars of investors, have suddenly found themselves gaining popularity.
With a growing number of workers relocating to the area from interstate and within Queensland, it is perhaps not surprising that the need for rental property has soared.
The same can also be said for the city of Gladstone – although the region has always been popular, the resources boom has only added to its appeal.
The region is home to two of the largest alumina refineries in the world, as well as the biggest multi-commodity port in Queensland, making it a hub for employment opportunities and economic growth.
It is therefore hardly surprising that the city has found favour with investors in search of Queensland rental property over recent times.
Looking to the future
Many experts are keen to refute claims that the mining boom could soon be coming to an end, such as Queensland resources minister Andrew Cripps.
He acknowledged that several major projects are in the pipeline when he spoke to the ABC recently, such as the construction of Anglo-American's Moranbah mines.
The minister pointed out that the site has already created 700 construction jobs, with 350 permanent positions in the pipeline when the mine eventually goes into production.
It is these employment opportunities that attract people to resource-rich areas of Queensland and that ultimately provide opportunities for those in search of an investment property.
Mr Cripps' optimism has been echoed by several business leaders, who explained in an interview with The Australian that the mining boom is far from over.
Among them was chief executive of manufacturer Hill Holdings Ted Petty, who summed the situation up by saying "the boom has moved into a different phase".