Ambitious plan for North West Queensland could create residential property boom
If the Queensland government's plans come to fruition, North West Queensland could be the next hotspot for buying a house in the Sunshine State.
Led by Mt Isa to Townsville Economic Development Zone (MITEZ), the North West Queensland Strategic Development Study outlines a number of strategies for capitalising on the untapped economic potential of the region.
"The report confirms that the north west is bursting with opportunities to improve transport, electricity and water storage to support new economic growth for Queensland in the future," said Queensland Premier Campbell Newman in a June 17 release.
Group Chairman and Mayor of Mt Isa City Council Tony McGrady was equally positive about what the goals of the study, if implemented, could mean.
"This study can itself be the incentive for the whole of the North West to work together to create catalyst development to support the mining, tourism and agricultural industries which will bring jobs and security to the region," he said in the same release.
Study identifies development opportunities
The study identifies four major pillars of the region's development: new mining exploration, energy generation, security and export, irrigated and intensified agriculture and the development of a globally competitive supply chain.
The expansion of mining exploration and development in particular stands to have a significant impact on the region's economy. While North West Queensland's minerals industry already contributed $1.9 billion to Gross Regional Product (GRP) in 2011-12, the plans proposed in the study have the potential to raise this further, increasing resource output by 30 per cent, the study explained. This would be done through a two-fold increase in exploration and mining support services.
This would also raise employment prospects in the region, another factor which would make holding an investment property in the region potentially lucrative down the line.
The enabling of secure access to water resources also has the potential for an economic impact in the region, along with raising living standards. Better irrigated land would ultimately lead to greater food security for Australians, and has the chance to further raise Australia's profile as a quality and reliable food provider.
Gains from the strategy could be huge
A variety of impressive benefits are sure to stem from the development, according to the study. The region will see its GRP increase two-fold to $7.8 billion, while employment will increase 40 per cent, from around 20,000 to 28,000.
In addition to this, the resident population of 35,143 is estimated to increase by one-quarter to around 44,000, which means plenty of demand for property in the region.