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Perth boom - has it got legs?

Perth boom - has it got legs?

Old May 29th 2007, 11:49 am
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Default Perth boom - has it got legs?

Sooner or later every boom has to come to an end. Those of you that were in the UK over the last fifteeen years will have seen one boom and one soft-landing which averages at a 7-8 year cycle. I don't know whether it is that or just wishful thinking but I keep reading on here about how the boom is bound to end soon, Perth house prices will plummet etc.

So I thought I would share my day with you. I have been at a seminar for the accountants in the Iron Ore division of my firm to kick off the budgeting process (yes it really was that boring!) Nothing I am about to write is not in the open so I am not giving away trade secrets, BTW.

We are desperate to expand our capacity in the Pilbara by 30% as soon as possible. That is the bare minimum we need to do to keep our market share. We would double it if we could but issues around getting clearance from the "traditional owners", environmental issues and labour shortages mean we just can't dig it out of the ground fast enough.

Behind this is China (and India) whose economies are booming. Okay, we could have a global recession or change of government etc that could unsettle them but at the moment there is nothing like that on the horizon.

We have hundreds of vacancies we just can't fill. Sometimes this is down to skills, sometimes we can't get people to live up north or fly-in even if we pay ridiculous amounts of money.

So I can't see the end to the boom. Let the good times roll.
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Old May 29th 2007, 11:52 am
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Default Re: Perth boom - has it got legs?

Originally Posted by worzel
Sooner or later every boom has to come to an end. Those of you that were in the UK over the last fifteeen years will have seen one boom and one soft-landing which averages at a 7-8 year cycle. I don't know whether it is that or just wishful thinking but I keep reading on here about how the boom is bound to end soon, Perth house prices will plummet etc.

So I thought I would share my day with you. I have been at a seminar for the accountants in the Iron Ore division of my firm to kick off the budgeting process (yes it really was that boring!) Nothing I am about to write is not in the open so I am not giving away trade secrets, BTW.

We are desperate to expand our capacity in the Pilbara by 30% as soon as possible. That is the bare minimum we need to do to keep our market share. We would double it if we could but issues around getting clearance from the "traditional owners", environmental issues and labour shortages mean we just can't dig it out of the ground fast enough.

Behind this is China (and India) whose economies are booming. Okay, we could have a global recession or change of government etc that could unsettle them but at the moment there is nothing like that on the horizon.

We have hundreds of vacancies we just can't fill. Sometimes this is down to skills, sometimes we can't get people to live up north or fly-in even if we pay ridiculous amounts of money.

So I can't see the end to the boom. Let the good times roll.

Nothing last forever mate , but theres a bit of life in this boom yet me thinks !
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Old May 29th 2007, 11:55 am
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Default Re: Perth boom - has it got legs?

[ :[/QUOTE]


Massive housing and construction projects going on during our Perth rekkie.

Seems from the outside the boom is continuing apace- for the momment.


Hmmmm

Dave
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Old May 29th 2007, 12:00 pm
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Default Re: Perth boom - has it got legs?

There are two issues of interest to most people.

The first is the economic boom - and what you say may well be true.

The second is the housing boom.

In spite of what people may want to believe, the latter is not necessarily linked as closely and as perfectly to the former as many people think.

Sure there is a connection. But it doesn't necessarily follow for example, that because the economic boom means that the state economy expands at 5% per year, then house prices will increase at the same rate.

The other thing about house prices (and I know this isn't what you actually mentioned) is that like any asset, future perceived gains in price are priced in - often years before.

So, the continuation of the economic boom in WA may well have been priced into house price increases over the last few years (real estate agents saying, "the boom's got years to go yet, you won't lose over the next 5 years" etc etc.

As soon as anything shocks that confidence or derails investment projections, the wheels may well come off.
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Old May 29th 2007, 1:36 pm
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Default Re: Perth boom - has it got legs?

Originally Posted by worzel
Sooner or later every boom has to come to an end. Those of you that were in the UK over the last fifteeen years will have seen one boom and one soft-landing which averages at a 7-8 year cycle. I don't know whether it is that or just wishful thinking but I keep reading on here about how the boom is bound to end soon, Perth house prices will plummet etc.

So I thought I would share my day with you. I have been at a seminar for the accountants in the Iron Ore division of my firm to kick off the budgeting process (yes it really was that boring!) Nothing I am about to write is not in the open so I am not giving away trade secrets, BTW.

We are desperate to expand our capacity in the Pilbara by 30% as soon as possible. That is the bare minimum we need to do to keep our market share. We would double it if we could but issues around getting clearance from the "traditional owners", environmental issues and labour shortages mean we just can't dig it out of the ground fast enough.

Behind this is China (and India) whose economies are booming. Okay, we could have a global recession or change of government etc that could unsettle them but at the moment there is nothing like that on the horizon.

We have hundreds of vacancies we just can't fill. Sometimes this is down to skills, sometimes we can't get people to live up north or fly-in even if we pay ridiculous amounts of money.

So I can't see the end to the boom. Let the good times roll.
Agree.
On the iron ore project I am working on they are committing upgrades to 55mtpa and then 110mtpa even before the 1st 45mtpa is finished. FMG have already sold the ore to China even before dug out of the ground! FMG are looking for another 1500 people in WA.
Worley Parsons, who I work for, are lookng for another 800 people in Perth this year alone.
BHPB are already looking at RGP5 and they have not even started RGP4 yet. They want to go to 300mtpa from about 100mtpa now. Rio looking at the same.
New Harbours planned for Port Hedland and Karratha.
Massive iron ore developments planned for the Mid-West to be shipped out of Geraldton.
Gorgon LNG ($18b worth) will be starting soon, Pluto LNG too.
2 Alumina smelters.
Boddington Gold mine.
Argyle Diamond mine.
New $1b Desal. plant plus billions on water projects.
$5b on power grid upgrades.
Possible Hydrogen (carbon capture) power station.
New container port.
New high rises in the CBD. New hospital.
Airport upgrade.
Uranium mining will probably happen soon. This will be massive.
Hopefully a nuclear power station as well.

This boom has got a bare minimum of 5 years left. Probably at least another 10-15 years.
I agree with NKSK though that the housing boom might not necessarily be linked to the resources boom. Housing falling while resources booming could happen.
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Old May 29th 2007, 2:03 pm
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Default Re: Perth boom - has it got legs?

According to REIWA today...the housing market has still got legs!

March quarter figures released

25 May 2007

Perth prices drop - then climb again
HOUSE PRICES

The West Australian property market has shown itself to be unsettled in the March quarter, following three years of unprecedented growth and the end of the boom.

Preliminary figures for the March quarter suggested the overall metropolitan median price fell by a modest 1 per cent. However, REIWA figures show this is climbing once again as further sales data comes to hand later during this month.

REIWA President Rob Druitt said the initial drop represented a reduction of around $4,500 to a median of $452,500 in metropolitan Perth, but that this had already lifted to $455,000 by the second week of May.

"The metropolitan median dipped momentarily this year, however we believe the final median for the March quarter will settle at somewhere between $460,000 and $465,000, illustrating the ongoing resilience and demand in the market ," Mr Druitt said.

Metropolitan units and apartments also dipped in price in the March quarter, sliding by a very modest 0.7 per cent, or around $2,500 to a preliminary median of $352,500. As with houses, these too are expected to bounce back.

Mr Druitt said the modest but temporary decline in the New Year was not surprising and that the market was still catching its breath after the marathon of the last few years.

"It's also the case that many homebuyers have been holding off, waiting to see what stamp duty relief might come from the government. Now that these cuts have been announced the uncertainty is gone and we are seeing renewed confidence in the market which is likely to be maintained through the June quarter," Mr Druitt said.

THE REGIONS

Mr Druitt said the really interesting news from the March quarter was the regional data.

"While metropolitan Perth dipped and bounced a little in the quarter, regional house prices showed some solid gains. Overall they jumped by 5.1 per cent to a new median of $360,000.

"The market is flat in Mandurah/Murray, where we saw just 0.2 per cent growth to a median of $450,000, while Greater Bunbury which had modest growth of 1.2 per cent in December, dropped by -4.2 per cent in the March quarter, down $16,000 to a new median of $374,000.

Mr Druitt said that in contrast to houses, regional units dropped by 5.2 per cent to a median of $280,000 across the state.

LAND

"Regional land is also is strong demand, jumping by 20.6 per cent to a median of $205,000, compared to metropolitan land which grew by 1.9 per cent to a new median of $265,000," Mr Druitt said.

Perth land prices have enjoyed solid growth of more than 50 per cent over the last 12 months, while regional land has grown by almost 30 per cent.

RENTS

Perth's rental vacancy rate has plummeted to a new low of just 0.8 per cent.

"REIWA has never before recorded a vacancy rate this dire, and seems to be caused by a combination of a rapidly growing population and the big drop in first home buyers over the last few months.

"Hopefully, with the generous new stamp duty cuts for first home buyers, more people can now move out of rental accommodation into a home of their own, freeing up rental stock for others and easing the squeeze," Mr Druitt said.

Median metropolitan rents have risen by almost 4 per cent in the quarter to $270 per week.

"Interestingly, the median rent for units alone has stabilised at $250 per week, and did not grow in the March quarter. This is the first time in several years that unit rentals have not increased in price, perhaps suggesting that an affordability cap has been reached for many people at the more accessible end of the rental market," Mr Druitt said.

Mr Druitt said that there had been a 25 per cent reduction in new leases, illustrating that existing tenants were staying put and accepting rent increases, rather than moving out to risk finding alternative rental accommodation.

"We simply don't have the stock, so tenants understand the need to secure a place, hold onto it and to be realistic about Perth rents," Mr Druitt said.

SALES & SELLING DAYS

The number of dwellings sold during the March quarter was up by 6.5 per cent to 11,500 properties, an increase of 21 per cent over the year.

At the same time the number of selling days between listing a property and getting a contract for sale on it has stretched out by 18 days to an average of 55 days.

"The increased sales turnover probably represents a combination of some investors selling up after the boom, along with upgraders who have been waiting for more certainty in the market before listing their house for sale.

"Now that things are settling and with the expectation that first home buyers will return to more usual levels, we have seen stock levels plateau at around 14,000 places. Over the short term we expect to see stock levels return to the historical norm of around 12,000 homes and selling days drop back a little to around 45 days," Mr Druitt said.

SUMMARY

The March quarter results show a statewide market that is unsettled and patchy, yet promising.

The Perth median price seems to have grown by around $8,000 on the revised December quarter median of $457,000.

"The brief, modest price decline in metro Perth was unremarkable and reflected the uncertainty in the market at the beginning of the year.

"We will likely see greater confidence return to the local market over the latter half of this year, particularly as first home buyers now have significant encouragement.

"This in turn will mean that upgraders who have been waiting for a pool of first time buyers to relieve them of their existing property will now have the opportunity to sell, upgrade and move, helping reinvigorate the housing sector across the board," Mr Druitt said.

Mr Druitt said the regions still appeared to be growing strongly on the back of the resources boom and that population pressures in many areas would continue to place accompanying price pressures on land, housing and rents as demand outstripped supply.

"The market is still settling down after record growth, however it seems likely that as things return to normal and buyer confidence is restored we can expect modest growth at least through to the end of the year", Mr Druitt said.

25 May 2007

Article added by: Communications
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Old May 29th 2007, 2:12 pm
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Default Re: Perth boom - has it got legs?

Originally Posted by worzel
Sooner or later every boom has to come to an end. Those of you that were in the UK over the last fifteeen years will have seen one boom and one soft-landing which averages at a 7-8 year cycle. I don't know whether it is that or just wishful thinking but I keep reading on here about how the boom is bound to end soon, Perth house prices will plummet etc.

So I thought I would share my day with you. I have been at a seminar for the accountants in the Iron Ore division of my firm to kick off the budgeting process (yes it really was that boring!) Nothing I am about to write is not in the open so I am not giving away trade secrets, BTW.

We are desperate to expand our capacity in the Pilbara by 30% as soon as possible. That is the bare minimum we need to do to keep our market share. We would double it if we could but issues around getting clearance from the "traditional owners", environmental issues and labour shortages mean we just can't dig it out of the ground fast enough.

Behind this is China (and India) whose economies are booming. Okay, we could have a global recession or change of government etc that could unsettle them but at the moment there is nothing like that on the horizon.

We have hundreds of vacancies we just can't fill. Sometimes this is down to skills, sometimes we can't get people to live up north or fly-in even if we pay ridiculous amounts of money.

So I can't see the end to the boom. Let the good times roll.
I thought the boom had ended when somebody came on the board and said that Rio Tinto had expansion plans of hundreds of billions of $$.Where a company with a 7 billion turnover in a state economy of around 100 billion was going to get the money from was beyond me.They would be the most indebted company in the world.Where they would spend it was a mystery.

As I still take an interest in shipbuilding that money would buy 40 of the new aircraft carriers that the UK may eventually build,or around 100 collins class subs.

China may run into problems with workers demanding a share of the spoils,currency problems may arise as the US wants the chinese currency to be floated,rather than fixed at a low rate.How much of companies China buys with the large balance of payments credit they have could be very interesting.They seem to have stopped feeding it into US T-bonds and started buying stocks.Could they take over BHP/B or Rio,that would put the cat amongst the pigeons.

Will the world stop buying cheap crap stuff from China that breaks down after 5 mins,will China overcome the obvious QA/QC problems it has.

How hard will the US fight to stop China becoming a super power,will we have a US/China cold war?

I think it could be 10 more years until India rises,by then it will have a population larger than China,will India do a China to China? That would probably lead to a 30 yr boom.

The bit about dig it up has always bothered me since the day I came here,no value added industries to create employment.The boom has been wonderful for Caterpillar,stock price has soared,why do we not have such a simple industry to create work and train people.Civil plant is labour intensive,not rocket science.

How much is Brazil expanding to meet demand,will the supply/demand equation come back to more normal levels and slow the boom down.

Be nice if crystal balls were real wouldn't it.
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Old May 29th 2007, 2:23 pm
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Default Re: Perth boom - has it got legs?

Originally Posted by TraceyW
According to REIWA today...the housing market has still got legs!

March quarter figures released

25 May 2007

Perth prices drop - then climb again
HOUSE PRICES

The West Australian property market has shown itself to be unsettled in the March quarter, following three years of unprecedented growth and the end of the boom.

Preliminary figures for the March quarter suggested the overall metropolitan median price fell by a modest 1 per cent. However, REIWA figures show this is climbing once again as further sales data comes to hand later during this month.

REIWA President Rob Druitt said the initial drop represented a reduction of around $4,500 to a median of $452,500 in metropolitan Perth, but that this had already lifted to $455,000 by the second week of May.

"The metropolitan median dipped momentarily this year, however we believe the final median for the March quarter will settle at somewhere between $460,000 and $465,000, illustrating the ongoing resilience and demand in the market ," Mr Druitt said.

Metropolitan units and apartments also dipped in price in the March quarter, sliding by a very modest 0.7 per cent, or around $2,500 to a preliminary median of $352,500. As with houses, these too are expected to bounce back.

Mr Druitt said the modest but temporary decline in the New Year was not surprising and that the market was still catching its breath after the marathon of the last few years.

"It's also the case that many homebuyers have been holding off, waiting to see what stamp duty relief might come from the government. Now that these cuts have been announced the uncertainty is gone and we are seeing renewed confidence in the market which is likely to be maintained through the June quarter," Mr Druitt said.

THE REGIONS

Mr Druitt said the really interesting news from the March quarter was the regional data.

"While metropolitan Perth dipped and bounced a little in the quarter, regional house prices showed some solid gains. Overall they jumped by 5.1 per cent to a new median of $360,000.

"The market is flat in Mandurah/Murray, where we saw just 0.2 per cent growth to a median of $450,000, while Greater Bunbury which had modest growth of 1.2 per cent in December, dropped by -4.2 per cent in the March quarter, down $16,000 to a new median of $374,000.

Mr Druitt said that in contrast to houses, regional units dropped by 5.2 per cent to a median of $280,000 across the state.

LAND

"Regional land is also is strong demand, jumping by 20.6 per cent to a median of $205,000, compared to metropolitan land which grew by 1.9 per cent to a new median of $265,000," Mr Druitt said.

Perth land prices have enjoyed solid growth of more than 50 per cent over the last 12 months, while regional land has grown by almost 30 per cent.

RENTS

Perth's rental vacancy rate has plummeted to a new low of just 0.8 per cent.

"REIWA has never before recorded a vacancy rate this dire, and seems to be caused by a combination of a rapidly growing population and the big drop in first home buyers over the last few months.

"Hopefully, with the generous new stamp duty cuts for first home buyers, more people can now move out of rental accommodation into a home of their own, freeing up rental stock for others and easing the squeeze," Mr Druitt said.

Median metropolitan rents have risen by almost 4 per cent in the quarter to $270 per week.

"Interestingly, the median rent for units alone has stabilised at $250 per week, and did not grow in the March quarter. This is the first time in several years that unit rentals have not increased in price, perhaps suggesting that an affordability cap has been reached for many people at the more accessible end of the rental market," Mr Druitt said.

Mr Druitt said that there had been a 25 per cent reduction in new leases, illustrating that existing tenants were staying put and accepting rent increases, rather than moving out to risk finding alternative rental accommodation.

"We simply don't have the stock, so tenants understand the need to secure a place, hold onto it and to be realistic about Perth rents," Mr Druitt said.

SALES & SELLING DAYS

The number of dwellings sold during the March quarter was up by 6.5 per cent to 11,500 properties, an increase of 21 per cent over the year.

At the same time the number of selling days between listing a property and getting a contract for sale on it has stretched out by 18 days to an average of 55 days.

"The increased sales turnover probably represents a combination of some investors selling up after the boom, along with upgraders who have been waiting for more certainty in the market before listing their house for sale.

"Now that things are settling and with the expectation that first home buyers will return to more usual levels, we have seen stock levels plateau at around 14,000 places. Over the short term we expect to see stock levels return to the historical norm of around 12,000 homes and selling days drop back a little to around 45 days," Mr Druitt said.

SUMMARY

The March quarter results show a statewide market that is unsettled and patchy, yet promising.

The Perth median price seems to have grown by around $8,000 on the revised December quarter median of $457,000.

"The brief, modest price decline in metro Perth was unremarkable and reflected the uncertainty in the market at the beginning of the year.

"We will likely see greater confidence return to the local market over the latter half of this year, particularly as first home buyers now have significant encouragement.

"This in turn will mean that upgraders who have been waiting for a pool of first time buyers to relieve them of their existing property will now have the opportunity to sell, upgrade and move, helping reinvigorate the housing sector across the board," Mr Druitt said.

Mr Druitt said the regions still appeared to be growing strongly on the back of the resources boom and that population pressures in many areas would continue to place accompanying price pressures on land, housing and rents as demand outstripped supply.

"The market is still settling down after record growth, however it seems likely that as things return to normal and buyer confidence is restored we can expect modest growth at least through to the end of the year", Mr Druitt said.

25 May 2007

Article added by: Communications
Yes, but last year Jenman said prices would crash 20%,much joy was felt throughout the land at the wise words of the expert.

The interest rate rise we would definately in have Feb gone would be the death of the market.As somebody said at the time it would be a good thing,investors would stop buying houses and rents would fall.Why having fewer houses in the rental market would cause rents to fall is beyond me.


I'm not having a go at you,I'm just in a piss taking mood.I have always been amazed why anybody believes these experts or thinks they have that crystal ball that can predict the future.
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Old May 29th 2007, 2:25 pm
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Default Re: Perth boom - has it got legs?

Originally Posted by geordie downunder
...will India do a China to China? That would probably lead to a 30 yr boom.


Pissing myself
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Old May 29th 2007, 2:41 pm
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Default Re: Perth boom - has it got legs?

Originally Posted by geordie downunder
I thought the boom had ended when somebody came on the board and said that Rio Tinto had expansion plans of hundreds of billions of $$.Where a company with a 7 billion turnover in a state economy of around 100 billion was going to get the money from was beyond me.They would be the most indebted company in the world.Where they would spend it was a mystery.

As I still take an interest in shipbuilding that money would buy 40 of the new aircraft carriers that the UK may eventually build,or around 100 collins class subs.

China may run into problems with workers demanding a share of the spoils,currency problems may arise as the US wants the chinese currency to be floated,rather than fixed at a low rate.How much of companies China buys with the large balance of payments credit they have could be very interesting.They seem to have stopped feeding it into US T-bonds and started buying stocks.Could they take over BHP/B or Rio,that would put the cat amongst the pigeons.

Will the world stop buying cheap crap stuff from China that breaks down after 5 mins,will China overcome the obvious QA/QC problems it has.

How hard will the US fight to stop China becoming a super power,will we have a US/China cold war?

I think it could be 10 more years until India rises,by then it will have a population larger than China,will India do a China to China? That would probably lead to a 30 yr boom.

The bit about dig it up has always bothered me since the day I came here,no value added industries to create employment.The boom has been wonderful for Caterpillar,stock price has soared,why do we not have such a simple industry to create work and train people.Civil plant is labour intensive,not rocket science.

How much is Brazil expanding to meet demand,will the supply/demand equation come back to more normal levels and slow the boom down.

Be nice if crystal balls were real wouldn't it.
Crystal balls are great.

The Nokia N95, probably the most advanced mobile phone available is made in China. Your Sony LCD TV might be made in China. Not everything made there breaks after 5mins. Plenty of western companies making quality stuff there.
Would the Aussie gov. allow China to buy BHPB? Chinese have been blocked buying US companies. Australia is pretty protectionist.

China becomes a superpower. Where do they expand to? Siberia? They would get nuked. India? Nuked. Pakistan? Nuked. Taiwan? What's the point? The Chinese taking on USN carrier battle groups in the pacific? They would get their arses kicked into next week. Will rural Chinese peasants, all 1 billion of them, accept being kept down forever? Chinese banking system is a pile of pooh. Brazil competes with Australia. There's enough to go round for both of them.

Australia has tried making stuff. It hasn't worked and we've given up. We dig it up. The Chinese make stuff with it. It works.
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Old May 29th 2007, 3:08 pm
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Default Re: Perth boom - has it got legs?

[QUOTE=worzel;4845709.

We have hundreds of vacancies we just can't fill. Sometimes this is down to skills, sometimes we can't get people to live up north or fly-in even if we pay ridiculous amounts of money.

So I can't see the end to the boom. Let the good times roll.[/QUOTE]

My husband has been trying to get FIFO mine work for over a year now without any success. He is a qualified crane driver ( australian ticket) and has applied for job after job without even a sniff of an interview.

He has now started to apply for unqualified mine work, and still no one is interested. Where are all of these jobs and why can't they fill there positions.

If anyone can help us then that would be brilliant
cheers
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Old May 29th 2007, 8:11 pm
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Default Re: Perth boom - has it got legs?

Originally Posted by worzel
Sooner or later every boom has to come to an end. Those of you that were in the UK over the last fifteeen years will have seen one boom and one soft-landing which averages at a 7-8 year cycle. I don't know whether it is that or just wishful thinking but I keep reading on here about how the boom is bound to end soon, Perth house prices will plummet etc.

So I thought I would share my day with you. I have been at a seminar for the accountants in the Iron Ore division of my firm to kick off the budgeting process (yes it really was that boring!) Nothing I am about to write is not in the open so I am not giving away trade secrets, BTW.

We are desperate to expand our capacity in the Pilbara by 30% as soon as possible. That is the bare minimum we need to do to keep our market share. We would double it if we could but issues around getting clearance from the "traditional owners", environmental issues and labour shortages mean we just can't dig it out of the ground fast enough.

Behind this is China (and India) whose economies are booming. Okay, we could have a global recession or change of government etc that could unsettle them but at the moment there is nothing like that on the horizon.

We have hundreds of vacancies we just can't fill. Sometimes this is down to skills, sometimes we can't get people to live up north or fly-in even if we pay ridiculous amounts of money.

So I can't see the end to the boom. Let the good times roll.
well if you need to throw some money at someone ,im your man,sod the bricks..'

anything going for me mate,i am quite handy..and i am more than willing to take all the money you can throw at me....

ps,,,i aint jokin..

Last edited by aston man; May 29th 2007 at 9:02 pm.
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Old May 29th 2007, 8:50 pm
  #13  
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Default Re: Perth boom - has it got legs?

Originally Posted by Amazulu
Agree.
On the iron ore project I am working on they are committing upgrades to 55mtpa and then 110mtpa even before the 1st 45mtpa is finished. FMG have already sold the ore to China even before dug out of the ground! FMG are looking for another 1500 people in WA.
Worley Parsons, who I work for, are lookng for another 800 people in Perth this year alone.
BHPB are already looking at RGP5 and they have not even started RGP4 yet. They want to go to 300mtpa from about 100mtpa now. Rio looking at the same.
New Harbours planned for Port Hedland and Karratha.
Massive iron ore developments planned for the Mid-West to be shipped out of Geraldton.
Gorgon LNG ($18b worth) will be starting soon, Pluto LNG too.
2 Alumina smelters.
Boddington Gold mine.
Argyle Diamond mine.
New $1b Desal. plant plus billions on water projects.
$5b on power grid upgrades.
Possible Hydrogen (carbon capture) power station.
New container port.
New high rises in the CBD. New hospital.
Airport upgrade.
Uranium mining will probably happen soon. This will be massive.
Hopefully a nuclear power station as well.

This boom has got a bare minimum of 5 years left. Probably at least another 10-15 years.
I agree with NKSK though that the housing boom might not necessarily be linked to the resources boom. Housing falling while resources booming could happen.
Is it just me
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Old May 29th 2007, 10:07 pm
  #14  
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Default Re: Perth boom - has it got legs?

Originally Posted by daisylilymum
Is it just me
No it's not! If you talk enough bollocks people will think you're clever

(only joking Amazulu )

Graham
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Old May 29th 2007, 10:12 pm
  #15  
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Default Re: Perth boom - has it got legs?

Originally Posted by northerner
No it's not! If you talk enough bollocks people will think you're clever

(only joking Amazulu )

Graham
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