(PRWEB) November 24, 2011
There is little doubt, says property investment innovator, Rick Otton, that the Australian state of Western Australia is booming — while the rest of the world struggles.
In its report ?Mining in Australia 2011 to 2026?, economic forecaster BIS Shrapnel predicts that annual mining investment in Australia will surpass $ A80 billion by 2015, from projects in the oil and gas, iron ore, coal and copper sectors. Following a pause in investment in 2009/10 — the height of the global financial crisis — it rebounded by 11% in 2010/11 and is forecasted to increase a further 66% by 2015/16.
?Such growth in our mining sector has lifted work opportunities across the board for Australians willing to relocate? explains Mr Otton. ?And the associated demand for housing in many areas has become unprecedented.?
?The more remote mining and oil/gas sites recruit staff on a fly in/fly out (FIFO) basis, and in the case of the West Australian operations, the home base is identified as Perth? continued Otton. ?This has put pressure on both the purchase and rental markets in Perth, but, at the same time, has created attractive opportunities in Australian property investment.
According to property monitor, realestate.com.au, there is a great imbalance in property prices in the vast state of Western Australia, with homes in remote areas like Karratha and Port Hedland fetching way in excess of similar dwellings in major capital cities. In the capital, Perth, the median house price in early 2011 was $ 480,000, but in Karratha and Port Hedland the median prices for the same period were $ 795,000 and $ 750,000 respectively.
?There is little doubt that homes in this price range are way out of reach of first home buyers or most singles – if they go down the traditional mortgage path. However, the opportunities for creative property investors are immense in markets such as these? says Mr Otton. ?The rent to buy strategies that I teach are made for just these scenarios.?
For over 30 years Rick Ottin