Broken Hill is poised to undergo an impressive and explosive period of growth, one that we must be ready to receive. There are an anticipated 2,200 new jobs in mining being created by 2027, and we are working towards building our population to 2025 by 2027.
The Broken Hill City population forecast for 2023 is 17,912, and is forecast to grow to 18,109 by 2046.
Broken Hill has been mined continuously for almost 120 years, however, there are now only two operators in this area, both utilising highly efficient bulk underground mechanised mining.
Broken Hill is the largest regional centre in the western half of New South Wales. The City encompasses a total land area of about 180 square kilometres. Mining and tourism are important industries, with some sheep farming.
The mineral-rich soil draws workers from afar, but Century 21 principal Matthew Handberg says people also make the move to Broken Hill to work stints as teachers, fire-fighters and police officers. It's a peaceful place of 20,000 people and great housing affordability.
A survey of average capital gains or median home price increase in suburbs across the country shows that the NSW suburb obtained a 5.38% growth over a ten-year period. It ranks 1st on our list of suburbs that property investors should look into.
If you're thinking about buying an investment property in Broken Hill, consider that rental yields for houses are currently 10.16 % with an average median rent of $ 320 weekly. Houses have seen 0.00 % growth in the past quarter, and 9.38 % growth in the past 12 months.
“Prices are so reasonable in Broken Hill because the underlying land value is cheap as chips; we don't have any rivers or beaches to push the value up,” Mr Wren said. He admitted the cut price house was “no Taj Mahal” and needed around $15,000 to bring it up to rental standards.
The abundant minerals found in Broken Hill were regarded the richest and largest in the world which established Broken Hill as a prosperous mining town well into the 1970s. Due largely to the closure and consolidation of mining operations, the City has experienced continued population decline since the 1970s.
Analysis of the ancestry responses of the population in Broken Hill City in 2021 shows that the top five ancestries nominated were: Australian (7,597 people or 43.2%) English (6,643 people or 37.8%) Australian Aboriginal (1,615 people or 9.2%)
Perilya Limited is an Australian success story.
Perilya owns and operates the iconic Broken Hill South zinc, lead and silver mine in New South Wales, the Potosi zinc and lead mine 5km's North of the City of Broken Hill, the Maimón Copper, Gold and Silver mine in the Dominican Republic.
The population estimate for Broken Hill City as of the 30th June 2022 is 17,567.
On the Edjudina line of reef, to the east of Broken Hill, gold mineralisation is developed in quartz veining associated with the fold hinges of gently southeasterly plunging brecciated cherts and BIF's.
Over a third of the regions' population growth and almost half of its jobs growth will be in Growth Centres. While all will grow, the largest growth rates will be in and around Wagga Wagga, Nowra-Bomaderry, Port Macquarie-Hastings, Tamworth and the Northern Rivers (including Lismore and Ballina).
Blacktown has the fastest growing population in Sydney and the second fastest growing suburb population across Australia, according to a new report, with many buyers favouring the area for its larger land sizes and affordable homes.
“Broken Hill, like South Hedland and other areas on this list, has a lot of demand from mining [workers],” Ryan explains. “People want to live there for a short period of time, but don't necessarily want to buy. There's high rental demand without there being high purchase demand, driving yields up.”
Broken Hill has long suffered disproportionately high rates of break-and-enter offences, with thieves targeting both homes and businesses.
Broken Hill is Australia's oldest mining town, with a colonial history dating back to the 1880s. Poised dramatically above the landscape, the Line of Lode Miner's Memorial celebrates the life and work of more than 800 miners who lost their lives here. This striking memorial provides a commanding view of the town.
The $500m Broken Hill pipeline to bring water from the Murray 270km away instead of drawing from Menindee Lakes 100km away has now been built, but independent MP Justin Field, who secured the release of the business case, said it showed the crisis had been “manufactured.”
Suburbs in the NSW's Richmond-Tweed region – affected by both rising rates and damaging flood events earlier this year – had sizeable declines. Values were down 20.5 per cent in Byron Bay, and by more than 18 per cent in Suffolk Park, Lismore and Mullumbimby.
The median rent in Broken Hill for houses is $300 per week and the median rental yield is 7.80%. Stock on the market for houses/townhouses has changed -19.49% compared to last year and the average time to sell a house/townhouse is 131 days.
High inflation and falling real wages are also weighing on the ability of households to push up property prices, which soared by almost 30 per cent during the pandemic. NAB economists are among many expecting house prices to fall further through 2023.
For small investors to truly enjoy the more traditional sense of land ownership, perhaps the best options are timber farms, mineral development lands, vegetable gardens, orchards, vineyards, and recreational land.
The best investment property for beginners is generally a single-family dwelling or a condominium. Condos are low maintenance because the condo association takes care of external repairs, leaving you to worry about the interior.