Hi,
I'm looking to buy in a mining town because of the great return and the large projects approved which could lead to another growth cycle in WA. My only delemma is whether to buy in Karratha or Port Hedland?
Any suggestions?
neither
Care to elaborate on your comment with some justification coasta?
I would say Karratha although both would give you good returns… the only thing is the properties there are have risen so much that im not sure what the mortgages would be like… so maybe check that out first and see whether the rents vs the mortgage repayments etc would be worth it??? But we have one in Karratha which we were lucky to get before the boom hit.
I recently looked as Karratha as well and it does seem that significant growth has already occurred.
Prices will continue to rise as more projects come on board and employees move into town.
I was simply out-priced so I stopped looking into it.
Good luck if you can afford to enter the market.
Cheers,
Dave
Just be extremely careful. If the mines ever close down then your property may end up being worth nothing. You won’t be able to rent it or sell it. I know there are a lot of projects at the moment but definately keep an eye on the major players. The big mining companies. If employment ceases to exist people will move elsewhere.
In saying that, I wish I bought in Port Hedland a few years ago.
Ryan McLean | On Property
http://onproperty.com.au
Email MeYeh i agree Ryan, do watch it like a hawk… we are lucky my hubby works over there and is in the crux of it all so he monitors ours from there as do i from here…. we will definitely get rid of ours before it all starts going down hill, but they anticipate that we should be right for at least 5-10 years!! fingers crossed… but yep everyone else who is looking at buying there with the prices being soooo high now to buy, dont get caught out… lucky we got ours for cheap a few years back.
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