All Topics / Help Needed! / Mining Towns
Anyone invested in Mining towns lately?
Great way to lose money.
Corey Batt | Precision Funding
http://www.precisionfunding.com.au
Email Me | Phone MeInvestment Focused Finance Strategist - servicing Australia-wide
Yson – I assume it is a serious question, I would hope you would not consider investing in a mining town now or in the near future. Whether it is QLD or WA – there have been extreme horror stories. I am happy to share a number of these if you like – however I would suggest you move away from mining towns as a consideration for investment in the short term and long term.
Cheers Ivan
Redwood | REDWOOD | SMSF | PROPERTY | FINANCE
http://redwoodadvisory.com.au
Email Me | Phone MeSMSF - PROPERTY INVESTMENT - WEALTH CREATION AND FINANCE SOLUTIONS
I’m not interested in buying any property at any price….
I’m not interested in buying any property at any price….
Ok maybe you should look at shares….this is a property forum, i’d say most punters here are looking at property = to buy or sell.
Cheers Ivan
Redwood | REDWOOD | SMSF | PROPERTY | FINANCE
http://redwoodadvisory.com.au
Email Me | Phone MeSMSF - PROPERTY INVESTMENT - WEALTH CREATION AND FINANCE SOLUTIONS
The mining sector as a whole is being hit pretty hard right now. I have been doing ok in mining/resource towns for around 10yrs, and will continue to invest in them at certain points but be very very careful. Unless you have real knowledge about what is being mined and why it will do better than the rest in the next few yrs you are just asking for pain. I would say more pain for iron ore and coal in the short term, so no point buying into those markets. Lithium perhaps? Timing is everything for those markets and getting that wrong can mean heavy losses. I am also of the view that property is only worth a bet on a solid trend with a mine, if you want faster buy and sell trading stocks are a better fit to make a quick buck. I recently bought a few stock in a gold miner that was finding high grade ore, they found some more and prices jumped 50% in 2 days, but with the current down trend over the last month I still haven’t made any money!!! Research and education is the key.
A summary point for me would be its ok to have some exposure to mining town properties but this should be a small percentage of your total portfolio and you should know what you are holding and why.
BuyersAgent | Precium
http://www.precium.com.au
Email Me | Phone MeSouth Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au
thanks
As someone who works in the mining industry I can tell you that there are more smaller companies going under as well as large scale lay-offs than you hear about in the media so be very wary about buying in a mining town. The industry will return to good times again but who knows how long it will take. As Buyers Agent wrote, timing is important.
cheers
Peteindeed, timing is critical but just want to see how bad is the the mining towns in QLD as not living there? Also the prices have dropped a lot
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