Hi there,
I was just wondering at what stage it is best to jump on in to buy in a mining town?
I've been looking at Gayndah in QLD, they are currently in the second stage of drilling up there, (ABZ – Australian Bauxite Limited) and are working with government to look at rail up to Gladstone/Bundaberg. There's a number of other drillers in the area as well apparently (I have family up there) looking for coal, gold, copper and silver.
The entry price is quite achieveable as well, I was looking at a duplex for sale for $175,000 that was bringing in $260 per week. It's not a small small town – 3,000+ residents, and there seems to be a bit of industry as well.
Question is do I wait for a bit more confirmation from the mining company as to when they will start mining, or do I jump in now to get ready for the start up phase when there will be infrastructure workers in the area who I can rent out to (at hopefully a higher rent than $260 for 2 x 2 bed units??
Would love to hear anyone's thoughts.
Hi buyerseller,
I would wait for confirmation from the mining companies in Gayndah otherwise I think its to speculative, for my taste anyway
also 3000 peeps is a small town, I had a quick look my research says its more like 2000 peeps in that town.I think its lower risk by paying a bit more and getting on to a place like gladstone in a rising market where money has been committed to projects, as appossed to your idea buying something in a town while you potenially wait years for the mining company to make a decision, in the mean time you could be stuck with the place with little to no growth
anyway thats my 2 cents
You must be logged in to reply to this topic. If you don't have an account, you can register here.
