Western Australia attracts commercial property investment
Yesterday (March 1), Western Australia confirmed another project that will bring funds and jobs to communities in the region – news that may encourage commercial property investment in the area.
WA’s government approved construction of a 53km railway and 220kV power line for Hope Downs 4 mine – a project estimated to be worth more than $400 million.
The venture in the Pilbara is also expected to create up to 600 new jobs.
This development comes on the heels of another recent announcement that Western Australia has been ranked among top locations to invest in mining projects.
Alongside the Northern Territory, Western Australia scored the 11th spot on a Canadian-based survey from the Fraser Institute.
The assessment measured suitability of 93 different jurisdictions based on answers from over 800 executives in the mining field.
With a score of 81.5 points out of 100, the placing illustrates the great potential of the resource sector in WA.
Mines and petroleum minister Norman Moore expressed his pleasure at the news.
“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.”
Meanwhile, the federal government is taking initiative to support growth in the region, with the introduction of the Regional Australia Institute – this will also help boost commercial property investment in Western Australia.
The intention of the independent organisation is to help regional areas capitalise on their strengths, diversify their economies and connect with and support each other.
Regional Australia minister Simon Crean was confident in the value of the project.
He said: “With our economy in transition, the regions are the patches and the Gillard government is getting on with the job of helping those patches realise their strengths.”
The combination of the various efforts put forth by different stakeholders in Western Australia will likely lead to substantial economic benefits and it is therefore a wise choice for property investment.
Got something to say? Post a comment...
You must be logged in to post a comment.