Original Publication: Smart Property Investment
|Mining towns to receive a blow|
Investors with properties in popular mining town hotspots may receive a blow, according to an announcement from the Queensland state government.
Promising ‘decisive action’ to end the state’s housing crisis in mining areas, land releases for housing development will be fast tracked.
Under this change, more than a thousand land allotments in Moranbah and Blackwater will be pushed through the Urban Land Development Authority (ULDA).
Quick land releases will also be seen in other central towns, including Mackay, the Darling Downs, Burnett, Cairns and Mt Isa.
Land held by the ULDA will be released quickly for housing development.
"There has been obvious market failure in towns like Moranbah and Blackwater where there is an inadequate supply of land and therefore of affordable housing,” said premier Campbell Newman.
"Our action now will change that in the shortest possible time,” Mr Newman said, predicting that this will have the greatest possible impact on housing prices.
Spending $15 million over the next nine months will deliver an additional 185 housing allotments in Moranbah and Blackwater, with land becoming available in March.
Belyando Estate, located in the area, will further deliver 1,000 lots to the market.
"We will work with local councils to identify roadblocks which are preventing housing outcomes as well as opportunities or actions that can deliver early 'on the ground outcomes' in key specific towns," Mr Newman said.
A Resource and Regional Town Action Plan, that will be prepared for government consideration for December 2012, will be informed by a number of workshops held across Queensland next month.