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Western Australia’s resource towns of Port Hedland and Karratha are set for a property boom, according to a real estate researcher.
Real estate forecaster Terry Ryder identified 10 key regional areas that are expected to enjoy a boom in prices.
In his "National top 10 Boom Town Hotspots" report Mr Ryder recommends investing in the cities of Bunbury in WA and Newcastle in New South Wales.
Also on the list was Ceduna in South Australia, Gladtsone in Queensland, Geraldton in WA, Portland in Victoria and Orange in New South Wales.
While most of the towns are located in some of Australia’s resource hotspots, Mr Ryder warned investors to be wary of spending their money in ‘pure mining towns’.
"While investors who get in early can make big capital gains, most mining towns exist in a bubble, which can burst if demand for resources drops, the local mine closes or housing demand falls away after construction of a major project is completed," Mr Ryder said in a statement.
According to Mr Ryder, investors would be more likely to benefit from investing in areas that are strategically located near regional centres that are set to benefit from major projects in the short term.
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