Two remote small towns, located at least 500 km from Adelaide, are about to have a massive impact on the South Australian property market. Supporters and opponents of South Australia's rapidly expanding uranium mining industry has always concurred that an escalation of such activity will have far reaching implications. That's where the agreement ends. While those opposed to SA's involvement in uranium mining fear the environmental impact of developing and expanding the industry, supporters believe it will bring the state a long overdue economic bonanza. Property values from Roxby Downs to Port Augusta are expected to increase piggybacking on an anticipated mining boom. Already the interest is already growing.
They have already experienced a property boom to match the growth in mining activity at the nearby Olympic Dam copper uranium mine, and recently announced massive expansion plans should ensure that growth continues unabated. While still building, the rest of the state is experiencing a flow-on effect with an increased number of interstate investors scouring for more opportunities.
No doubt the statistics point to a mining-driven property rush. Olympic Dam is the world's largest uranium and fourth largest copper deposit and BHP Billiton has plans to make it one of the largest operations in the world, producing 40 million tonnes of ore. The $884 million operation would be expected to bring an influx of new workers to the site, 570 km northwest of Adelaide, and an increase in business and industry further afield.
The Olympic Dam workforce is expected to grow from 3000 to 4000 with indirect jobs across SA set to increase from 15,000 to 20,000, and a further $60 million a year will go into the state tax office. All this, according to property watchers, will push real estate prices higher well beyond the current Roxby Downs price ceilings. News of a massive new uranium find at Beverley in the state's far north is expected to only add to demand for SA property, with the suggestion the new find could bring as many as 10,000 new workers into the state.
Jeff K is an expert author on Ezine articles and loves to share with others about his hobbies and interests.
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