The resurgence of the resource sector in Western Australia led to an increase in the number of FIFO families (fly in, fly out). These consumers are buying affordable coastal homes, according to Jarrod Rendell, project manager for Atlantis Beach Estate in Two Rocks.
The latest figures released by state governments have shown that resource development projects are currently planned for $ 108 billion in Western Australia.
"The recently announced resource projects include the FMG's $ 1.7 billion Eliwana iron mine, the start of construction of the $ 4.2 billion South Flank iron ore mine at BHP, an extension of $ 9.7 billion from the Pluto LNG project, $ 28 billion for the development of Woodside an additional $ 516 million expansion to the Greenbushes lithium mine, "said Rendell.
Increased investment in the resource sector has resulted in increased employment in the mining sector over the past two years. The increase in employment opportunities, meanwhile, has led to an increase in the number of young FIFO families buying sets of homes and land at the Atlantis Beach Estate estate in Two Rocks, located in the coastal strip north of Perth.
"This is part of the overall trend of growth in first-time homebuyer activity in Western Australia, with first-time homebuyers now accounting for 34% of all home-grown homebuyers' commitments. homeowners financing in Washington, representing the highest rate of any state. in Australia, "said Rendell.
Rendell also said that FIFO families who buy land at Atlantis Beach usually have their twenties advanced and are entering the real estate market for the first time.
"In the first two months of 2019, these FIFO families accounted for more than 90% of the lots sold at Atlantis Beach, compared with just over 60% at the same time last year. In 2017, FIFO families accounted for only 33% of the estate's batch sales in the same two-month period, "he said.
Lot sales to FIFO families have almost tripled at Atlantis Beach over the last two years, due to the resumption of employment in the resource sector. This trend is expected to accelerate in 2020 as new resource projects enter the state market.
Studies have shown that FIFO families settled in Atlantis Beach because of the region's financial viability, way of life and security. Lot prices at Atlantis Beach start at $ 135,000, and community features include swimming and fishing beaches and recreational facilities.
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