DerekMember@derekJoin Date: 2004Post Count: 3,544
BHP's Olympic Dam Project is now 'uncertain'
See article from the end of July, 2012 expressing doubts about whether or not BHP will commit their $30b
this is just few days back. I dont knnw but just a heads upTheFinanceShopParticipant@thefinanceshopJoin Date: 2012Post Count: 1,271DerekMember@derekJoin Date: 2004Post Count: 3,544
Another one saying BHP will not be expanding their Olympic Dam site in the foreseeable future.M.InvestigatorMember@m.investigatorJoin Date: 2012Post Count: 134
There was a lot of hype about Whyalla because of the potential of the Olympic Dams project. I was keeping my eye on alot of the properties around the area, as I saw a number of positive geared properties, which could potentially have high capital growth prospects too. Was seriously about to invest in a number of the properties there.
Now that the project's been delayed for so long, and now there's uncertainty about it, I've moved on at least for now.ayjaeParticipant@ayjaeJoin Date: 2004Post Count: 8
I first looked at this post as I live in Moranbah and keep a close eye on surrounding areas etc. I agree with Moxi10's comments completely about investing in the greater area.
However, after reading further I would really recommend (shadowing the comments of JacM and some others) getting educated first – and many of the resources are right here at this website. Check out the links at the bottom of the page. The creator of PropertyInvesting .com (Steve McKnight) has been someone I have talked to and learnt from for many years now. He has used (and has a knowledge of) many different methods of making money (ie. investing) – which is why this website was created in the first place. You may already know, but in my experience there are a few basics which I have learnt over the years which are absolutely critical in being a successful investor such as knowing the why – what exactly do you want out of it ? Once you have a plan in place, many of the ' money making ' questions will fall into place (and when you're doing it right, they will come to you !)
All the best.
Email MeJacqui MiddletonParticipant@jacmJoin Date: 2009Post Count: 2,539
Where are you located? (Where do you live?) Perhaps we can point you in the direction of some local meetings (no cost) of local property investors. It would be really good for you to talk to lots of people and hear about what they are investing in, and why. This would help educate you, and start to make you more confident in how to go about researching and making decisions without relying on salesmen that have something to gain by selling you something that might not be the most appropriate investment for you.
hi JacM i live in Homebush, NSW. Please let me know if you know anyone
thanks ayjae. I always come here and learn a lot from you guys. I am still saving some money before I jump in to investment. Meanwhile i think this is a very informative forum.
By the way, I am currently researching Emerald as Olympic Dam project is shelved. Any ideas regarding Emerald for investment property? I have been reading a lot from other website about emerald. It has very good rental yield app 7 to 8% and lot of mines around that place. I am more likely looking for higher CG than rental yieldinsanoParticipant@insanoJoin Date: 2009Post Count: 34
Welcome and congrats on taking steps to on your investment journey.
Like everyone here has said increasing your own knowledge is most important, there are so many seminars or companies out there that make it seem so easy because they'll do it all for you, just don't get caught out.
Personally I like to know how it all works before I dive in, just like developers make it sound easy and set you up for easy $$ but you're not told about the built in commission they charge you and that you'd be paying above market value, but "you'll get maximum depreciation" they say. Instead you could look for a similar property a year or two old at a better price. Of course this is not always the case just an example.
I think it was actually Steve that I heard this one from and it's stuck with me:
You know what you know,
You know what you don't know,
But the one you got to look out for is, what you don't know, you don't know
Do your research, everything is always so obvious in hindsightJacqui MiddletonParticipant@jacmJoin Date: 2009Post Count: 2,539sunnythakkar_2005 wrote:hi JacM i live in Homebush, NSW. Please let me know if you know anyone
I don't know of anyone specific, but there are loads of NSW investors on these forums, and I know there are catchups because I've seen them mentioned on the forums. If nobody jumps onto this thread to let you know about an upcoming meet, maybe in a day or so you might consider starting a new thread with a very specific title asking about property investor meetups in Sydney and surrounds…michmichMember@michmichJoin Date: 2012Post Count: 2
reallly really really important to spend time on your due diligence….
Be careful with lots of QLD mines particulary Emerald….great returns but very flood prone…most insurance comp. will not insure there.
Call the local council in the area that youre interested in and see what plans they have for the future…
I have 2 prop. in Gladstone…returns not as great as other mining towns but there is a lot of other infrastucture NOT dependent only on mining. I have another in Middlemount much higher risk but a much better return….
BE CAREFUL…..itts easy to get caught up with the wonderful rental yeilds on offer……you need to be comfortable and most importantly be able to sleep at night…not worrying whether or not you have made the right decision.
go to lots of free seminars and keep reading forums.Richard TaylorParticipant@qlds007Join Date: 2003Post Count: 12,018
Agree with mich's comments.
The other thing i would suggest is ask your Broker which post codes or areas lenders / mortgage insurers have started to cut back lending in as they would be re-acting at every turn in the marketplace.
Remember lenders listen to valuers who have their ear fairly close to the market floor.
You would be suprised how quickly credit policy changes when a lender runs scare i.e Westpac's recent reduction in rental income assessment.
Yours in Financefatman22Member@fatman22Join Date: 2012Post Count: 2
If looking for mining towns, be careful, educate and learn.
But don't just limit yourself to Queensland, NSW has the Hunter Valley where duplexes are selling for $390k and renting for $500 a week. Good returns and better economy than places like Mooranbah that are solely reliant on coal.
Houses for $500k returning up to $800 furnished or $700 furnished.
Hunter Valley is reliant, but a bit more diverse.
Fatman.Richard TaylorParticipant@qlds007Join Date: 2003Post Count: 12,018
Agree Fatman love the Hunter.
Just about to list my mother in laws property in Merewether.
Yours in Finance