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Mining area tipped as "no brainer" for growth
One particular mining area is a “no brainer”, with growth forecasts to be exceeded, according to one of the largest property companies in the area.
The Surat Basin is proving itself to be increasingly promising for businesses and property investors, with interest in the region at its highest ever, according to Surat Basin Property Group’s Jason van Hooft.
At a recent Surat Basin Energy and Mining Expo a record number were in attendance, with more than 4,000 people on the first day, and over 1,000 companies represented at the event.
Of those attending, 1,800 were considering a job change into the region.
Population figures, said Mr van Hooft, are currently pressuring the 2026 government estimates, and the annual growth rates of three per cent over the past five years are tipped to rise substantially over the next 10 years.
Investors comparing it to other mining areas need to be aware that it differs from Karratha and Port Hedland, he said.
“For a start we are not that isolated being only 3.5 hours drive from Brisbane and secondly the towns of Chinchilla and Miles are long established country communities with existing infrastructure, existing thriving communities and broad based economies.
“If you like, the resources boom is the icing on the cake for these centres.”
He points to the returns, the certainty of tenancy and the potential for capital gains as reasons the investment “cannot be duplicated anywhere else”.
The Surat Basin has been the driving force behind Queensland’s building approvals, according to Housing Industry Association executive director, Warwick Temby.
“Cities in Queensland anywhere near the resource development centres are beginning to show the benefits that the resources boom can have for other areas of the economy,” Mr Temby said, pointing to Rockhampton, Toowoomba and Gladstone as top examples.
With an average of 16 per cent capital gains over the past 10 years, said Mr van Hooft, “It is very exciting and we are really only at the start of this resources story in the Surat Basin.”