With a Deloitte Access Economics report recently forecasting the mining boom to slow in as little as two years, there is a high chance that investors will be keeping an even closer eye on future developments within Australia's property market.
One particular think tank, BIS Shrapnel, believes that investment in the residential property sector will make up for the projected shortfall in mining activity.
"Mining investment will soon stop growing. It should remain high but it will stop growing. In its place we see an upswing in residential property investment from later this year", said
Senior Economist Tim Hampton.
According to BIS Shrapnel's 'Long Term Forecasts 2012-2027' report, Australia's forecasted dwelling shortage will drive future demand for residential and property developments, underpinning the market's medium term growth.
BIS Shrapnel predicted that continual demand for housing will be sustained by consistent population growth and increasing immigration.
Mr Hampton also described the knock-on effect that investment in the property market could have on other sectors of the economy, citing accountants, lawyers and property managers as examples.
For more information on residential property investment in your area, please contact your local Century 21 Agent.