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State of Markets - WA May 2012

By Staff Reporter

Essential information, plus expert insight on what is shaping the national property market...

WESTERN AUSTRALIA

Developments encouraged in the Pilbara

The state government has been encouraging private developers into the Pilbara region through the ‘Pilbara Cities’ initiative.

Residential land in Karratha is now under development as part of the initiative and will yield more than 1,200 affordable lots, according to Lands Minister Brendon Grylls.

The development will include a mixed-use commercial precinct connecting to the town centre.

Mr Grylls also encouraged developers to take advantage of the ‘Lazy Lands’ residential infill project, which identifies and then makes available vacant, useable Crown land across the region.

“As part of the Pilbara Cities Vision, this will help in meeting the Pilbara’s housing needs to 2015,” Mr Grylls said, adding that it may also make the market more stable.

“This increased access to housing will see more families being able to settle permanently in the region,” he said.

WA to remain top investment area

Western Australia is one of the world’s top mining investment areas, with no signs of its opportunities decreasing, according to a recent report.

The state was ranked equal 11th overall – along with the Northern Territory – out of 93 jurisdictions worldwide in The Fraser Institute Annual Survey of Mining Companies 2011/2012.

The ranking was a jump up of six places from last year’s result, while South Australia slid from 11th to 19th but Queensland jumped 10 spots to 28th.

Western Australia also ranked 10th when related directly to current mineral potential.

WA Minister for Mines and Petroleum Norman Moore said the results were pleasing, but not surprising.

“WA’s reputation as the nation’s leading state when it comes to attracting exploration and mining has been solidified again, thanks to the hard work of the state government and the Department of Mines and Petroleum,” Mr Moore said.

“The state government’s reforms to the approvals process have offered greater transparency and certainty for industry and this was reflected in the latest survey’s results.”

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Top Suburbs

Highest annual price growth - click a suburb below to view full profile data:
1.
FAIRLIGHT 46.02%
2.
CASUARINA 44.36%
3.
THE ENTRANCE NORTH 41.09%
4.
ULTIMO 40.67%
5.
LAVENDER BAY 40.2%