South Australia has continued to excell in mineral exploration spending.
Minister for Mineral Resources Development Paul Holloway says the latest statistics show the State steps into the 4th quarter, with total spending on mineral exploration rising to $41.8 million for the June quarter, up from $36 million during the previous three-month period – a rise of 16.1 per cent.
Combined minerals and petroleum expenditure for the 2008-09 financial year was $332.9 million.
The figures are reflected in South Australia’s fifth ranking among international mining jurisdictions in ResourceStocks’ 2009 World Risk Survey.
“The turnaround in resource exploration expenditure reflects improvement in global commodity prices and South Australia’s determination to continue to increase our State’s economic prosperity through the minerals and energy sectors,” Mr Holloway says.
“Unlike other states, South Australia has not experienced any mine closures as a result of the global financial crisis. During the next 12 months, a further four to five mines are expected to be approved in South Australia, building on the 11 mines currently operating in this State.”
Property prices across Australia are expected to grow significantly over the next three years, as upgraders and investors compete for stock in the same, already undersupplied, property market.
Low interest rates and a shortage of affordable housing, coupled with growth in rental rates, will continue to drive up house prices - despite the threat of higher borrowing costs, according to the QBE Lenders' Mortgage Insurance (QBE LMI) Housing Outlook 2010-2012.
Adelaide, where property is the most affordable, is expected to see the strongest price gains, clocking a 23 percent rise over the next three years.
Ian Graham, chief executive of QBE LMI said the outlook was particularly good for first home buyers who have recently joined the housing ladder, and South Australia's favourable environment will attract greater numbers of solid investors to the market.
"The surge in first home buyer demand is now slowly permeating through to greater demand from upgraders who are trading over to their next dwelling after selling to the buoyant first home buyer market," he said.
"The strong rental environment and stabilisation of prices is also continuing to attract investors into the market."
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