Is the resources industry pushing new property hot spots?
As we've discussed before, one of the most important parts of your property investment strategy is watching for big developments on the horizon. They can be schools or they can be resource consents for mining – they can all have great impacts on the surrounding areas, and highlight regions where capital gains could be made.
And according to a new release from the Queensland government, there's going to be some significant resources development on the way – so where's it headed, and should you be buying there?
The state government recently announced more than $1 million of funding for geoscience projects across the state, including at Cloncurry. New technology and datasets will be developed, which make exploration much easier – there will also be new tools for easier prediction of where mineralisation will happen.
This means the area could be prone to more resources activity, and therefore growth. The town itself has also undergone infrastructure upgrades recently, with the local airport on the receiving end of a $9 million facelift. This will boost the liveability and connectivity of Cloncurry, and could put it prominently on your potential property investment radar.
A total of $200,000 is being given by the state government to this part of the Sunshine State, which will also boost resource exploration capabilities, as well as helping to create environmentally sustainable gas extraction conditions.
The Surat Basin is already part of the resource-rich Western Downs Regional Council, and doesn't sit too far from large centres like Toowoomba. As tenders are put out for further exploration, these regional zones could become property hot spots due to ongoing employment and economic activity.
According to the Queensland Resources Council, export records are already falling left, right and centre. This means our industry is still alive and kicking post-boom, and these new financial boosts for exploration could be just what we need to keep growth going strong.
It is certainly food for thought if you're looking at how to build wealth for the long term. Buying new properties is one excellent way to get a foothold in a significant asset that will generate wealth over time, and you can slant the odds in your favour even further by picking growth hot spots ahead of time.
If you need help crafting a property investment strategy, make sure to engage the wealth coaching services available at Think Money. We know how to help people generate positive cashflow that sets them up well for the years to come.