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Yes that's what I thought too. But how many properties are out there getting 12%?
You are a very good writer. You should send this story into one of those property magazines for publishing. The whole thing was hilarious.
My suggestion is go buy yourself a "renovator's dream" and then after each day's work (which you must do yourself, because as your good wife correctly points out, it IS good for you) then write a little spiel for us punters to cackle at while we relax after our day.
Hey Karen. You live there. If the coal industry somehow collapsed (very hypothetical I know) what do you think would happen to Moranbah? Is there other industries out there like farming etc. Is it a nice enough place that people would want to just stay?
blackhotel wrote:I found Moranbah to be one of the most exciting little townships buzzing with allot of new development. It was hard to believe that families could pay $1000-$1200pw rent for a new home.Hi, I have just joined this forum.
I read your entry with a bit of relief as I have just purchased a house in Moranbah sight unseen on the basis of its very high rental return (10.1%).( I have never been to Moranbah and don't really want to other than to see my new house sometime.)
However I am very pleased that you found it to be such a positive town. We almost bought in Blackwater and looked at Moura as well.
Re banks. CBA valued my house at less than cost, however NAB used the purchase price as its valuation and I could borrow 80% OK. It was explained to me that it is partly because NAB has a branch in Moranbah that they know the market v well and do not need formal valuations all the time. Anyway I'd suggest NAB Mackay.
Have a look at this link (courtesy of a fantastic REA in Emerald), which is partly why we decided Moranbah was the best area (without actually going there).
http://www.century21.com.au/esales/TempMail/Coal%20Mines%20June%2009.pdf
The picture speaks for itself.
I would like to hear more of your impressions of Moranbah.
All of a sudden I find I am jumping with interest at any news item about coal, the new rail link, mining in general, BHP et al and their relationship with China and so on. A few month ago I couldn't have cared less what the coal industry was doing!
Good luck
