After making the decision to invest in the Bowen Basin area, things are starting to come together and despite some negative feedback and not so enthusiastic responses from some quarters I am all set to drive up this Saturday (24th March) and will spend approximately 10 days covering as much and as many of the towns as possible.
If you have bought in the area recently or have an IP I would love to hear from you and your experiences with it. I have done a lot of research as well and have some positive strategies which we can only confirm or otherwise on the trip. I am also open to conversing/sharing with other likeminded investors who are keen to invest in this particular area. As we are in a position to buy only one or maybe two (at the most) IPs, I have no qualms in sharing any bargains or CF++ with strong prospects of CG. (for a small $ of course [thumbsupanim] )
I arrive in Brisbane on Wednesday and need to do a few things but if you are in either Brisbane or anywhere on the route to Biloela/Moura (start of my formal trek) and would like to catch up for coffee and a bit of ‘mining town’ yarning, than would more than love to do so.
On the other hand, if anyone else have any questions or queries I might be able to help with the research I have done so far, than you’re most welcome to pm me and I will try my best to help you out.
Astra
(ps. for overseas investors, Honiara, SI is one of the highest CF++ I have ever come across eg. approx cost of house AUD$100,000, Rental returns $4,500 per month: two worries though, CG is very uncertain which is hugely dependent on RAMSI’s welcome here [fear])“per ardua ad astra”
Glad you are getting out there and doing all the dirty work! Good luck!
My dad lives in Collinsville and has also lived in the Bowen area. He is a builder and has said that the towns up there have really taken off in the last 6 months.
One thing to be aware of is that there seem to be few tradesmen in the area, as he is getting calls all the time from people wanting him to do maintenance work on their houses.
Hope you come home with a few more assets than you went with!
Kelly
Thanks Kelly, lack of tradesmen and maintenance people has already been flagged as one of the possible ‘challenges’ of investing in the area. And this trip is to try and combat that as much as possible by physically looking over properties to gage the amount of repairs/maintenance that it may need.
We were thinking of buying ‘sight unseen’ but, as the price has climbed a fair bit in certain towns over the last two and half years, we believe that bargains can be had but just need close and diligent investigative work.
We don’t live in Australia as such and travel a lot so some of the people I will also be talking to will be RE agents (of course) and especially property managers who would be able to look after any IP that we end up buying – find out from their own views the pros/cons etc of managing IP properties in their respective areas.
If we do buy in Collinsville I will be sure to pm you and find out your dad’s details so the Property Manager can have him on file to call for repairs [smiling] [hoping NOT!]
Astra
“per ardua ad astra”
Hello Astrawan
Im currently in the general area not to far away (Mackay) we bought some land here settled in March 2006 1058sqm for $80k now value a nearby block now on market same size $170k . Great capital gain but cant afford to build as we are getting quotes for a 160sqm house + verandahs $260k . I am refusing all attempts at this stage of being robbed . I have tried all avenues relocating home (against covenences) owner building (banks not keene)
kit home (dont like the idea) . I am almost at my wits end we are waiting for 2 more quotes if they come in anything like the last . we will have to sell land and buy existing house and cop a CGT anyway best of luck I dont want to dampen your spirit but good on you I hope you find what you are looking forBest regards
Paul
Astrawan
And another thing that I wanted to add again not beign negative but just trying to be helpful I am not sure where you live are what your suroundings are like but the area where you are going is a vast nothingness with small comunities dotted here and there so prepare yourself for this type of culture shock .it is the Australian outback and be prepared for it , its not a bed of roses again living here I can say that there is some green as we on the coast here have had about 6 feet of rain since January and some has made it across the divide . Dont forget to post here on your returnBestof luck
PaulHi Astra
Well done in your adventurous spirit to go and check out the Bowen Basin Area. Are you going through Clermont andCapella, they are near Moranbah. I have read that Rio Tinto is shutting their Blair Athol mine down and moving a further 15km south east towards Clermont, it should be open in 2008 and fully operational I think by 2010 (you can find more out on the Rio Tinto Site). I have also read the minutes on the internet for the Beylando Shire council which has some good information on their proposals/planning and developments as they are looking forward to the new mine opening and how it will impact their towns (Clermont). Anyway I’m no expert on Central Queensland but I do live in a Mining town (Weipa) and the people that work here are on big money and have nothing to spend their big dollars on, so it’s nothing for them to throw down $350+ on rent.
Good luck and all the best on your trek.
Cheers
AnnaHi guys
thanks for your posts, just arrived in Brisbane and checking mail from a cafe. I will post more tomorrow, but been here a couple of hours and already having my antennae out and heard some good bargains in Wynnum.. go figure.. talk about exciting stuff.[thumbsup2]
more tomorrow
Astra“per ardua ad astra”
hi
everyone i'm from mackay and quit my job as a cabinetmaker and went up there to renovate my house in ? 5 weeks ago it's finally finshed i turned a 3 bedroom house into a 6 bedroom with 2 studys looking for my next house to do a flip, hopfully the bank will lend to me with no job.Thanks Rob
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