Investor News

The nation may be coming to grips with the threat of recession, But many Queensland towns are defying the downturn.

Unprecedented growth in mining areas and a strong recovery in several agricultural communities is underpinning the state's ecenomy.

Leading the way is central Queensland'd Isaac Regional Council area, where residents enjoy Australia's highest average incomes outside the major cities, according to property market researcher Colliers International.

One of these booming Isaac region towns is Moranbah, about 200kn west of Mackey and surrounded by seven open-cut coalmmines.

About 11,000 people call Moranbah home and the surge in demand for accomodation has made house prices there the most expensive in the state.

Moranbah Real Estate principal Bella Exposito has been selling property for more than 20 years. The "For Sale" display in the window at her agency is bare - not one house is listed for sale and there is no property for rent.

But Ms Exposito is managing 350 rental properties in a town where a four-bedroom house rents for $1500 a week - $400 a week more than a sub-penthouse with river views, three bedrooms and two bathrooms in Brisbane's CBD.

"Ten years ago there was a downturn here. You could buy a house for $25,000," Ms Exposito said.

Average properties sell for about $500,000 in the mining towns these dys. On the outskirts of Moranbah blocks in a new 350-lot development are being snapped up by mining companies, buying the maximum 20 blocks in one hit.

Not all the locals are happy, however. If you're not a part of the mining boom, you're being left far behind.

"Ordinary people can't afford housing out here, They have to be married or engaged or living with someone who works in the mines to afford to live here," Ms Exposito said.

She said some people pay up to $250 a week to rent a room in a house.

The revamped town square isn't the only sign of a surge in prosperity - the driveways of people's houses are another indicator.

One home boasts a late model black Subaru WRX - the car of choice for cashed-up revheads - as well as a luxury boat.

Twenty-year-old apprentice electrician Brody Maguire answers the door. The young man works at a nearby mine four days on, two days off, four days on, six days off. He lives with his parents. Dad, asleep inside, does shiftwork at another nearby mine. Mum is empolyed by the local jeweller.

Mr Maguire admits working just half the year is a "pretty good life" for a young man, especially when your earning "really good coin". Dad owns the 24-foot cruiser, named Lazy Days, while the Subaru is his.

Mr Maguire said he and many of hes friends who grew up in Moranbah were working at the mine and planning and overseas trip when their apprenticeships ended.

"It seems to be the trend here. You've got to get out and experiance life outside Moranbah... even though it's a great little town."

Mr Magurie said he was also saving to buy a house - but not in Moranbah. "You pay $500,000 for a house and you don't even get to see the beach."

Despite the financial crisis sweeping the globe, there is no sign that the mining industry's phenomenal growth in Queensland will end at any time soon.

Colliers International researsh director Rory McLeod said there was $9 billion worth of mining ans energy exploration projects in progress around the state.

Further south at Dalby, about 200km west of Brisbane, mayor Ray Brown told The Sunday Mail that $100 billion worth of industrial projects, proposed to begin over the next five years, were being considered for the region.

He said the 47 projects included open-cut coalmines, coal seam gas operations and 11 power stations, including a $1.4 billion wind farm.

"We've been indentified by the Goverment as one leading energy-providinf provinces in Queensland," Cr Brown said.

"Things are jut getting started out here... we're on 38,000 sq m of pure coal."
Dalby is home to 10,500 people, with an extra 4000 miners comng and going from the area on a regular basis. Cr Brown said he expected 16,000 miners would be working in the region by 2015, and said the race was on to provide sufficient community services and housing.

Such development brings growth and prosperity for regional towns, in the form of jobs, services and new infrastructure, but it also creates conflict.

"We are a rural-based shire and these (mining and agriculture) can be conflicting industries, especially in the battle for land," Cr Brown said. He said major mining tenement has been put on some of the region's most fertile farming areas at Hystack, near Warra.

Angela ans Nathan Bradley live on a cotton and grain farm about half an hour from Dalby, with their children Charlie, 5, and Abbey, 2.

The pair, who were both born and raised in the region, said they had seen Dalby grow from a quiet country town to a boomingregional centre.

"It's still a very family oriented rural town in many respects," Mrs Bradley said. "But we've seen house prices go up and they're struggling to get enough rental properties to cope with demand at the monent.

"It's more difficult to get in to see a doctor now, and child care is pretty hard to get into as well. Everyone is happy about the growth, but the challenge is in trying to keep (Dalby) a nice country town; the atmosphere and the friendliness."