Does anyone know about investing in Middlemount. 4bed house new estate- $459K rents $900 a week + body corp fees. What about the mines Longevity..etc…? Are there many renters?
We have IP in WA mining town and find the rent to be great – however we monitor the market and the work closely as you always need to be careful as if the work goes then the market and rent will drop… so just be cautious… dunno about Qld mining towns though sorry?
Hi, we will settle one of the new development in middlemount later this year.
price we paid is 300k for a 3 bedroom house including furniture package and airconditioning. appraised rent is 650-700pw.
majority of the mines there is coal, with a couple of small gold mines.
currently the workers in these mines are living in dysart, which is pretty far to drive to and from everyday. they are very keen to move to Middlemount to shorten their daily travel.459k price seems fair price. As the price in middlemount has increased in the past several weeks. an old 4 bedroom house is asking around 400k, so 459k for brand new ones sounds reasonable.
btw, the one we are buying has already increased 10% value and it hasn't even been built yet.just like any other mining town, there are risks. If you do not fully understand or are not comfortable with the risk, then you shouldn't buy it.
hope it helps.
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