I am curious about Mt Morgan for the following reasons:
1 Many affordable cash flow properties
2 only 45 minutes from Rockhampton (commuting distance)
3 appears to have adequate infrastructure incl. schools, shops etc.
4 is close to the coastWhat i don’t understand is why the prices are so low. I am concerned that a lot of places are on the market for a town of its size yet the information I have read about the place incl. the draft regional plan suggest it is not a backwater or anticipated to be in the future.
The prices have moved up along the route from Rockhampton to Emerald but not around this area. I am aware that the growth of the area is not significant and that it is an old town established during the gold mining boom (which is over), however, it is well positioned in commuting terms to Rockhampton provided Rockhampton grows in the future.
Any thoughts would be appreciated so that I can learn more about the way I look at areas.
Thanks, Michael
I was in Mt.Morgan the other day and it’s one of the biggest dumps in Australia. You shouldn’t waste your time going there, let alone investing in it.
I drove past the pub at 10.45 in the morning and it was jammed packed. Most of the houses are about 6 squares, 50 years old and falling apart. Mt.Morgan is a place you’d go if you’ve failed dismally at everything in life, and are looking for somewhere miserable to die.
Micheal,
I would be looking at Cairns.
1 bedroom units are around $85,000-$100,000 mark and renting from $130-$160 p/w. Not cash flow positive but not far from it.The other night on the local Cairns news it was reported that Cairns area will grow faster in the next 20 years than South East Qld.
Rents are on the way up due to the shortage of rentals but even when the new appartments that are being built come in to the rental market the rents needed to make a decent return will be to high and less people will be able to afford such high amounts.
Regards,
Guy [smiling]Thanks very much for this feedback. I’ll definitely steer clear. I am grateful a resource like this forum exists so I can get a better idea of what to look for.
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