I’ve noticed a few positively geared properties in this region. Anyone know the future of the mining industry there?
Yorker,
Do a search West Coast Tassie, someone last week talked about the mining companies controlling towns – not exactly sure what they meant – might be interesting to follow up.
Despite the mining angle, the West coast of Tassie is beginning to get a bit of Rep as a tourist destination
Very Wild winderness
Mining moonscape of Queenstown
Strahan also is lovely.Expect little to no capital growth except maybe in the long long term but if cashflow is what you’re after you’ll certainly get that.
Have a look also at Warratah, Smithton, Circular Head.
Burnie is possibly also about to see some major development. If it gets up then capital growth will be evident.
Matt
Roseberry isn’t even a one horse town – more like a one goat town. I’m not even sure if there is an active mine down there anymore.
Places like Roseberry, Warratah, Smithton and Circular Head are very, very small. There isn’t much to drive population growth so you will have a very small, fixed pool of renters.
It is a huge risk to invest in towns like these IMO. If you aren’t local spend the money to go there.
Kidding aren’t you pal, I’ve actually visited the town, clearly more than a 1 goat town. But you do amuse…
I did a bit of a searchfor you on this forum, yorker, and came up with some info from the archives.
Firstly though- is it a town with one horse or one goat? Well, the REIT says Roseberry has 1600 people, but wrappack, below, says it is 3000 people. Not sure if 1600 or 3000 is a horse or a goat.
Anyhoo:
wrappack said:
In NSW, there is very few cash +ve props, and they are in the one and two horse towns, and if they die, so will your investment. example- just came back from tassie, saw a couple of houses for sale in Roseberry (a amall 3000person mining town on the west coast). Houses three years ago were 5-15K- yes, you could get change from fhog!. Now, some were asking the rediculous price of 60-80k! There are only two employers in town- a pasminco zinc mine (pasminco is going into liquidation) and rennisson, a tin mine. If one, of both companies go bust, the town will be a ghost town overnight.
_________________Sooshie said:
When I was doing my research, Roseberry (I hope it’s spelt right) was a NO GO ZONE.
Queenstown has cheaper suburbs, but considered a ghost town. Even Casper has to live somewhere
_________________sis said:
Hi pritts88, this is not a bias opinion but im just share some info of some areas to stay away from, though maybe in the late late future these places will have appreciated in growth but i doubt.
Places i suggest you stay away from.
Weena
Roseberry
Queenstownthese places are +ve cashflow but there almost abanden mining towns, with little population or a dying town and are industry reliant
Hope this help, though it justs so you dont get tricked or caught out in buyin a bad investment.
__________________So there’s a few opinions, Yorker. You could also do a search for Roseberry in Somersoft.com and see what folks have to say.
kay henry
Originally posted by Yorker:Kidding aren’t you pal, I’ve actually visited the town, clearly more than a 1 goat town. But you do amuse…
It’s a hole. Even at 1600 people what level of confidence does it give you for being able to rent it out moving forward. It’s not a booming or growing town.
Glad I amuse you. Just think of me as your voice of reason.
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