Plans to search for petroleum and oil in the Great Australian Bight - a large open bay off the southern coastline - could boost the Australian property market.
This is according to property expert Peter Koulizos, who said BP is going to search an area 700 km south-west of Port Lincoln in south Australia.
"It means towns that already have an airport like Port Lincoln or Ceduna could be in higher demand," he told API Magazine.
Mr Koulizos advised Australian property investors not to buy in the towns of Port Lincoln or Ceduna just yet as resources may not be found.
He went on to say, however, that Adelaide is well-positioned for a mining boom as it is only an hour's flight away from sites such as Prominent Hill and Roxby.
Back in January, job agency IPA Recruitment's chief executive officer Tricia Phillips forecasted that mining and related industries would lead the way in recruitment this year.
Posted by Steve Douglas
