Port Augusta - Eyre Peninsula, SA
Prospects for the Port Augusta property market are improving, thanks to improvements in the South Australian economy, a revival in the resources sector and the prospect of multiple energy developments totalling around $5 billion planned for the Port Augusta area. Sales activity has been picking up over the last 12 months.
British industrialist Sanjeev Gupta, who bought the Whyalla Steelworks, is investing $1 billion in energy projects to drive his iron ore mines and processing plants.
The government has given approval to allow mining in the Woomera Prohibited Area, an area estimated to contain $35 billion worth of copper, gold, uranium and iron ore.
These projects are yet to take off, which is why we have classified Port Augusta as a “long shot” in the past – a location which may prosper in the future IF some of the proposed energy and resources developments get under way.
But the number of significant projects being targeted in and around Port Augusta has grown to levels that suggest that major economic growth is inevitable in this region.
Investors should remain mindful, however, that this location has a heavy reliance on the resources & energy sector, and buying there has elements of risk.
This report covers the town of Port Augusta and Stirling North.