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At its meeting today, the Board decided to decrease the cash rate change to 4.50%.
'ONCE the dusty domain of hard-drinking single miners, remote, booming Karratha is undergoing a billion-dollar transformation into a family-friendly northwest city of 50,000 -- and is even getting its own luxury Hilton hotel.
The town, 1560km north of Perth and built in the late 1960s to house a handful of workers mining iron ore in the Hamersley Ranges, will get a $1.5bn facelift, with more than 1500 new dwellings aimed at slowing the growth of the fly-in, fly-out workforce.
West Australian Premier Colin Barnett yesterday announced that developer Mirvac would build a new town centre and recreation facilities linking Karratha to its coast.
The state government would contribute $130 million through its Royalties for Regions program towards new roads and public amenities.' by: Paige Taylor The Australian
If we ever need proof of the long term prospects for our resources sector then this is it.
The European problems appear to be getting sorted out; unfortunately this is going to mean a belt tightening and economic pain for a lot of people in those debt ravaged nations.
The United States is starting to recover with most companies seeing improvements in their businesses; however their property market continues to be in the doldrums. The prevailing sentiment in the US appears to be that it is still safer to rent than to buy.
Europe appears to have settled their sovereign debt problems although there will be some political fallout for some time yet.
The Asia Pacific region appears to be the favoured area at present even attracting a visit from the US President to many parts of this region.
The natural disasters that plagued our economy in 2011 are now behind us an all indicators are that 2012 is going to be a prosperous year for Australia. Western Australia and Queensland are expected to lead the way.
Despite dire predictions by some the Australian Property Values have remained fairly stable last year with the most severe drops occurring in volatile development areas such as Queensland's Gold Coast.
Strangely enough the two states that have suffered the biggest downturns are the two resource rich states of Queensland and Western Australia.
However that is set to change with the mining town of Karratha in WA set to change into a major regional centre, along with the entire associated infrastructure.
Gladstone in Queensland is another such case with developers and builders clamouring to get a part of the population boom that must occur there.
Projects such as these have far more long term benefit to the overall economy than the fly-in, fly-out operations that occur in the remote areas.
These projects in Karratha and Gladstone cannot occur in isolation. They will require material and expertise from other areas in all stages of the developments.
Once these projects are completed and families start to move in, there will be demands for all the other resources and infrastructure that is needed to support a real, self sustaining, long term community.
Property values will obviously be affected in these areas with increases already occurring. However they are not only occurring in the principal towns but surrounding areas are also being effected. This effect will continue to flow out and will lead to a positive effect in the real estate market in most other areas.
This all bodes well for the market next year. The month of November has already put smiles on the faces of a lot of Real estate Agents who had suffered from a slow sales market earlier in the year. It is expected that this recovery will continue into next year and we should start to see some consistent positive growth in the entire economy next year.
Yong Constructions is certainly looking forward to growth next year with the opening of two new branches. One based in Townsville servicing North Queensland and another in Melbourne to help support the expansion that is happening in Victoria.
Yong Gold Coast Central is now a franchised business and is gearing up to take advantage of not only the natural growth that is expected in Queensland but the additional boost that the Gold Coast will receive from the Commonwealth Games.
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