Cobar’s booming minerals-based economy is continuing to encourage commercial and residential development with an increasing number of plans before the local shire council for a new motel, town houses, units and homes.

The town’s Pioneer Estate is quickly filling with new houses whilst small acreage and residential blocks between the town and airport are rapidly changing the semi-rural landscape.

A report prepared by Sydney-based real estate advisor Terry Ryder has listed Cobar as one of Australia’s best rental property investment locations due to an ongoing shortage of accommodation for mine workers, support staff and their families.

Mr Ryder said Cobar’s 8 to 9 per cent typical property prospects are based on affordability, demand from major mining operations and a strong local economy.

“Cobar is a remote mining town with a long and colourful history that is currently enjoying a sustained period of prosperity on the back of the resources boom,” Mr Ryder stated.

“Its copper, lead, zinc and gold mining operations are also supported by a strong local economy and visiting tourists.

“There is a real shortage of accommodation for those working in the resources industry and a carefully researched property investment can deliver income yields up to 9 per cent.

“There are even better returns on offer through small blocks of unit with returns of up to 12 per cent.”

Other locations listed as property ‘hot spots’ include Collinsville, Moranbah and Dysart in Queensland, Port Hedland in Western Australia and Chippendale in Sydney’s inner-west.