Updated figures from the WA state government has revealed that there are over $100 billion-worth of upcoming projects for the state, and one coastal WA suburb is expected to see some solid returns from fly in, fly out workers.
A boost in development projects in Western Australia’s resource sector to the tune of $108 billion is pointing towards a large rise in first-home buyer fly in, fly out (FIFO) families, which is good news for the state’s property market, according to Jarrod Rendell, project director for Atlantis Beach Estate in Two Rocks.
“Recent announced resource projects include FMG’s $1.7 billion Eliwana iron ore mine, the start of construction at BHP’s $4.2 billion South Flank iron ore mine, a $9.7 billion expansion of the Pluto LNG project, $28 billion for Woodside’s Browse LNG development and a further $516 million expansion at the Greenbushes lithium mine,” Mr Rendell said.
“This new investment in the resources sector has seen employment in the mining sector increase over the last two financial years in a row and these improving employment opportunities is resulting in a surge in the number of younger FIFO families buying house and land packages at Atlantis Beach Estate in Two Rocks.”
Mr Rendell continued, saying this was the latest indication that first home buyers are growing in Western Australia, claiming the buyer type makes up for 34 per cent of all owner-occupier finance commitments in the state, the highest in Australia.
“Lot sales to FIFO families have nearly tripled over the past two years at Atlantis Beach due to the leading employment recovery in the resources sector and we expect this trend to accelerate over the coming year as more new resource projects come on stream,” he said.
Blaine Hall-Jones, estate manager at Atlantis Beach estate, said that surveys of FIFO families moving to the Two Rocks area stated affordability, lifestyle and security were the three key reasons why they were moving to the area.
Features of the Two Rocks area, according to Mr Hall-Jones include swimming and fishing beaches, recreational facilities, nearby shops, restaurants, cafes, the Two Rocks Marina and a recently opened Jupiter Health Two Rocks medical centre and Cuddles Early Learning & Childcare Two Rocks child care centre.