Newman to all the D/Dillegence I have done doesn't appear as though it will be affected much by the slow down in mining. The big players are there in Rio,Hancock, and Bhp along with many others. If the slow down is apparent in other areas it doesn't seem to be here as the big two recently announced record exports and increased projections for the coming year and along with Royaties for Regions committment of $30mil(which has commenced) makes it appear attractive. This seems to be backed by them and along with Hancock giving the green light to major expansions around Newman. Looking at an IP there in one of the new developments as DD shows demand far outstripping supply. Thoughts postive or negative greatly appreciated. Thnx
Here is a link to a previous post that might give you a few leads – https://www.propertyinvesting.com/forums/help-needed/4347727
ChrisA1
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cheers
Re finance some will not touch newman, most will go 80% LVR only and only 2 lenders will go 95% LVR
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I have been to Newman, have clients in Newman, and know some of the Developers there as well. Newman is still considered a Mining Town, it was originally designed to be a temporary town for a mining hub. Local Council in the past few years have addressed the Town centre and replanned and developed a more permanent and user friendly township.
Newman is predominantly a BHP town with Whaleback mine just outside of town. There is no tourism focus in Newman and most tourists keep driving on as there is not much to see and do.
As previously noted, lenders are nervous and this is demonstrated in LVR ratios, and I think that you will also find that many lenders will discount the rent for serviceability as well, anywhere down to 50%-60% instead of 80%.
Regards Grant
i work on a mine outside of newman and visit the town regularly. my thoughts are that even though they have increased projections for coming years, most of the construction phase of the new mines and camps (lots of camps around holding 500-1500 workers) has finished. therefore with the main workers now just being those who work in the mines there should be more availability in housing and a price drop. Just my thoughts. best of luck!!
Probably a good idea to start reading the news and getting current before investing in mining towns.. FYI mining is on the downward slope you have missed the boat
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