Has anyone purchased any property in Broken Hill NSW of late? We notice that prices there are relatively low (ie: b/w 40-70K), but are not sure about the state of the rental market.
Thankyou in advance for any information.
Hi Eenypl,
Recommend you do a search on Broken Hill – according to API there were 545 sales in BH last year – seems lots of cashflow investors have collared the market there.
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
I think Vic Ollis bought and onsold a ton of properties there…..[baaa]
Cheers
MelLook at the population trends. Population has been declining for many years. Not sure of age make-up of community but have heard a number of older people are returning to the Hill to retire because of the lower housing prices.
BH has 6 years worth of mining left in it and pasminco, the last mine left, will close down in 2006 (some sites say 15 years left work of mining. Elsewhere, I have read 6 years left). The population is between 21,000 and 24,000 (different sites have different figures). About 800 people work in the mine, so that will possibly be 800 people out of work in a few years. The population was about 32,000 in 1906, but as with many towns (eg kalgoorlie), once they place has been mined to hell, the itinerant workers leave.
The town is now focussing on being a tourist destination, and govt money is being chucked at it to assist it in the transition. There are 25 art galleries there, including that of Pro Hart [baaa]
I think BH would be ok to buy into. Just do your research, and make your decision based upon what you know about RE in general. BH is cheap for RE, so that might suit some.
kay henry
Thanks for all your suggestions, you have been very helpful!
Keep up the good work in helping more Australian’s become financially independent. I work in Superannuation and its not going to be pretty when there is no pension… The grafitti is on the wall!
Eenypl.http://www.abs.gov.au/Ausstats/[email protected]/0/773b0f602286084cca256bbf0000529b?OpenDocument
ABS has a 2001 Census profile for Broken Hill showing some basic information.
Kay, Pasminco sold its mine in Broken Hill to Perilya a couple of years ago while Pasminco was in administration. CBH (used to be called Consolidated Broken Hill) is also operating in B. Hill and purchased Pasminco’s Cobar mine last year.
This news item was on the ABC web site. While it relates to the whole state of NSW,Western NSW would produce the bulk
Lead, zinc production falls
There has been a drop in production of Broken Hill’s major resources, lead and zinc, in the three months up to March.Export earnings for zinc are also down.
The findings compiled by the Australian Bureau of Agriculture and Resource Economics show in New South Wales lead and ore concentrate production has gradually slipped from 30 kilotonnes during the March period last year to 22 kilotonnes in the same period this year.
The state also produced 21 tonnes of silver, down from 25 in last year’s March quarter and 47 kilotonnes of zinc, down from 70.
Export earnings for zinc were down $84 million to $257 million.
Most of the zinc exported was to Japan.
Meanwhile, Australian opals, mined in places such as White Cliffs, had a total value of $12 million in the March quarter.
thanks crj :o)
yes, it’s hard to find out what is real and what isn’t on the net.The info info I wrote on this post are taken from various sites on the net. When they are Council Plans or from mining conpany, I usually consider them acurate.
kay henry
Hey dudes I found this in that rpdata site and cut/pasted fyi:
The population of Broken Hill in 1996 was 3,528 people. By 2001 the population was 20,563 showing a population growth of 483% in the area during that time.
Pretty big growth huh?
Hi hotshot,
I think you better check your data – according to the ABS, the population of Broken Hill in 1996 was 21,356, not 3,528.
This link here: http://www.abs.gov.au/Ausstats/abs%40.nsf/d148686192eae2cdca2568320082d4b4/4ca4cebd3aace8fbca2568b200194405!OpenDocument should help you out.
Jay
hey dude its not my data but anyway:
Broken Hill NSW 2880
Area Profile
The size of Broken Hill is approximately 11005 km². There are 12 schools and 5 childcare centres located in Broken Hill. The population of Broken Hill in 1996 was 3,528 people. By 2001 the population was 20,563 showing a population growth of 483% in the area during that time. The predominant age group in Broken Hill is 40 – 49 years. Households in Broken Hill are primarily couples with children and are likely to be repaying between $400.00 – $600.00 per month on mortgage repayments.
In general, people in Broken Hill work in a professional occupation. In 1996, 66% of the homes in Broken Hill were owner-occupied compared with 75% in 2001. Currently the median sale price of houses in the area is $33,981.not my figures dude; i dont care anyway which one is right
looks like one of these two groups is telling porkies huh? [biggrin]
1896?
cheers
brahms
If you don’t ask, the answer is no!!
I was over in Broken Hill a couple of weeks ago. Seems to be a bit of uncertainty with the NSW Gov’t changes to Area Health Services. Far West which was based in Broken Hill has become part of Greater Western which will be based in Dubbo. Noone’s certain of what it will mean in job losses yet.
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