One area, tipped in Smart Property Investment's Fast 50, has seen double digit growth, with new developments set to turn it from a “mining camp” into a “major regional centre,” according to the state government.
Regional development and lands minister, Brendon Grylls, said that transformation of WA’s Newman area was part of the Pilbara Cities initiative and the Shire of East Pilbara’s Newman Town Centre Revitalisation Plan.
Stage two of the revitalisation is complete, with $19.9 million from Royalties for Regions committed for stage three.
“This new main street represents another step in Newman’s evolution from its conception as a mining camp into a major regional centre,” Mr Grylls said of the new addition.
“By establishing better road connectivity in the town, as well as improved lighting, landscaping, seating, modern shade sails and a re-aligned shopping centre car park, there is greater appeal to choose permanent residency in the town.
“Residents will also benefit from the shire’s redevelopment of Boomerang Oval, including the new sports and community facility.”
New residential lots will be opened, and private sector interest is being sought by the government to “transform this high-profile site into a landmark development along Iron Ore Parade, featuring multiple storeys with ground floor retail, restaurant and cafe uses and a mix of commercial and residential space above.”
WA’s Newman was tipped in Smart Property Investment’s February 2012 Fast 50 report by Real Wealth Australia’s Helen Collier-Kogtevs.
A “major mining town supporting iron ore production, with a population of 8,000 expected to grow significantly,” the article stated, “Newman experiences high capital growth, high positive cash flow, medium to high entry level cost and medium risk.”
RP Data currently reports the median price of Newman houses at $800,000 after 28 per cent growth over the quarter to October 2012, and 26 per cent growth over 12 months.