Hi all.
I'm a very new member so hope this question doesn't bore to many people.
I have just bought 4 Bedroom house in Cloncurry QLD, which has a 12 month lease at $400 pw fallowed by a futher 12 months at $410 pw. I paid $267 000 for the property.
Does anyone know much about the area and wether I should hold my property and try to achieve a higher rent at the end of 2 years or have I made a big mistake on my first IP, and should try to seel the place within the 2 years for the much the same as I paid for it plus cost.
I tried to do some research on Cloncurry prior to purching the place but wasn't able to find very much.
Any advice would be greatly appreciated.
Thanks.
Hi Busy,
According to RP data, the median house price for Cloncurry was $300,000 in the March quarter so it sounds like you bought well. Another plus is that Cloncurry has achieved pretty solid growth over the last year or so on the back of the mining boom.
I'd be watchful though as the mining boom has pretty much peaked and once it slows down, prices in the area are likely to fall.
Keep yourself posted by checking the council's website as well as looking at sales in the area. What other properties go for will give you a good idea about how yours is going. Don't be afraid to cut and run if things don't go as well as you planned.
Hope this helps.
Dan
Thanks for your help.
Does anyone else have any advice?
Even just oppinions would help, I'm having a little trouble sleeping at night, I guess I just think about it to much, Hopefully all will be fine.
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