Hi again,
I was hoping some people would have opinions on Mount Morgan as an area to buy an IP. There are some very cheap houses for sale along with a few higher priced ones. The area seems very interesting to me.
Population expected to decrease though, however very slowly.
I will be doing more research when I get home from work [biggrin]
I don’t know anything about Mt Morgan. However if I felt that the population is in decline then I would look elsewhere.
Both capital growth and cashflow will be adversely affected by a drop in demand. Why else would you buy something?
Cheap isn’t necessarily cheap if you get my drift …
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Hi there
I have over a dozen houses in Mt Morgan and Bouldercombe and they have doubled in the 12 months since i started buying up.
Last August i bought a house for $32,000 (yes no mistake) and have just sold it for $102,000 (Did absolutely nothing other than keep the tenant in the for the period we owned it).
Land prices are starting to also rise in Mt Morgan and i have just completed a nice 4 lot sub division. in Dublin Lane.
The problem is Rockhampton has got so expensive for the average buyer that people are now accepting that the will have to drive to get an affordable property so the old Mt is becoming fashionable again.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner.
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
Have bought several IPs over the last few years just up the road in Rockvegas, which seem to be doing well, thanks to the coal mining boom. We fell for the same “bargain” prices in Mouth Organ, went for a drive to check it out, and quickly turned around and couldn’t get out of there fast enough. It was a real eye opener – not quite the “Golden Mount” as described in the glossy brochures! Perfect if you’re looking for a bit of quiet – not so sure about making lots of money however! Have heard talk of new coal mines opening up nearby, but it’s just talk and seems a while off. I think it’s a case of it won’t happen overnight, but it (might) happen…
Finding tenants is already a problem from what I’ve seen, and may get worse. No real jobs in town either.
My advice would be to have a look at other more lucrative areas in Central Queensland and take advantage of the current boom (if it’s not already too late)…
Bloss
Bloss
Must admit before i first went to MM that was my impression but i guess sales speak for themselves and in percentage terms it has been as good as a development area as i have found.
Just wish i could still buy property at the same price as i could a year ago.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner.
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
Richard,
I must congratulate you on your success. I totally agree with you – I wish I had have been smart enough to buy up property when it was $30,000!!
You are a braver person than me. The Rocky market seemed like the safe option a few years ago, though not as easy these days.
Keep up the good work.
Bloss
heres a 89k house that has potential. I think….
mmmmmmmaybe…..
The same RE Agent has had those two MM rentals on their books for months…..how do you know that mate?
They’re the agents I use to manage my IPs and I keep a very close eye on the rental market in the area.
what about this? it has alot of potential for CF+.
Mate thats a bit out of our league,only done removals,subbies and spekys to date although we wish we ‘d grabbed some 4 packs a while back while still cheap.
FYI the road up to MM is a bit steep and winedy, would be fun towing a van and don’t know how many visitors and through traffic you’d get.
Be carefull and do your research, theres been blood in the water for a while and the sharks are circleing……..there have been victimsBloss’es buddy
thanks for your replies bloss, youve been a big help.
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