Hi ,
Has anyone bought property in the mining town of Collinsville in the outer Bowen Basin? House prices are still affordable, yields are good and it looks like there are quite a few mines at advanced stages. I also saw that a gold mine got funding there to start construction at end of year. Do you think Collinsville will benefit from this or do you think people will commute from Bowen?
Interested in hearing any thoughts. Mel
When comparing prices to Blackwater, Moranbah and Dysart, Collinsville looks cheap. There are properties that can be picked up for around the $100k mark with a mini reno should rent in the high 200’s.
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Yeah but there is usually a catch when things look so cheap
. I dont think it is going to be the next Mornabah but I do think there is some potential .I think the reason is because the mines arnt as developed yet in Collinsville, its pretty close to the water tho(well compared with the other mining towns). Supposedly they call it the RITZ of mining towns cause of its proximity to the ocean hahaha. I remember seeing it come up in the residex best rent property report last year. The report had a positive outlook on Collinsville and the surrounding mines.
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and thats pretty much all I know about Collinsville hahahahaha
EngeloRumora | Ohio Cashflow
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The "Ritz" of the mining towns hey. There looks like there are some shody houses there though! Thanks for the info engelo has given me some food for thought.
engelo10 wrote:I think the reason is because the mines arnt as developed yet in Collinsville, its pretty close to the water tho(well compared with the other mining towns). Supposedly they call it the RITZ of mining towns cause of its proximity to the ocean hahaha. I remember seeing it come up in the residex best rent property report last year. The report had a positive outlook on Collinsville and the surrounding mines.Mines arent as developed there? Little short sighted I think, as Collinsville Coal Mine owned by Xstrata (operated by Thiess) was the first mine opened in the Bowen Basin back in the mid 1800's. It is now a 2x Dragline+ operation.
Just worked at Sonoma Mine Tuesday and Yesterday. It has been operating since 2006. As it is a truck and shovel operation, combined with high rock/ash content in its coal, there are plenty on maintenence issues for both the mining operations and the washery = plenty of contractors (like myself) working there, mostly travelling from Mackay/Bowen.
There is also a major Powerstation 5km from town. 85km from Bowen. The housing in Collinsville is quite run down, would suit the astute builder/carpenter type experienced renovator.
pinkboy
Thats great info pinkboy. Thanks
EngeloRumora | Ohio Cashflow
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. I dont think it is going to be the next Mornabah but I do think there is some potential .
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