Kingaroy - QLD

Hi,

I was wanting to hear from others what they thought of Kingaroy (QLD) as an area for an investment property.

cheers
Silva
 
Hi Silva

Welcome to the forum

Population 8000ish it has good shopping centre, hospital and McDonald’s. As an investment I’m not sure. If I was looking to that area I would make sure that you make your profit up front. Probably small block of units with a twist.

Few years ago you could look to the smaller towns and find positive cash flow, which I like as a strategy. Now however there is very little chance of that.

So you’ve got to ask yourself what are the reasons I want to buy their and what research suggests that my expectations should be met. What does Kingaroy offer that my other options don’t?
 
Its possible that mining may have some influence in the future but when and buy how much?

there is already mining in the area such as nanango we have friends in the area that work there this has already influenced kingaroy/nanango area

over the last few years rents are quite low compared to cq mining areas

but there is still some good cashflow + in the area reason we did not buy there is becuase it's to far from any major towns and the roads terrible to get there lol there is also alot of land in the area on the plus side building costs there are quite reasonable aswell as land prices and some establised homes are also a good buy most are overpriced for that area imho we drove there to find something and nothing met our criteria so it's up to what you want also for any future mining if agreements are not already in place there can not be any more open under the new law.
 
depends on your price range and investment goals?
There seems to be huge price variances on realestate.com, prices starting at low 200k's - high 400k's.
If you were to spend 400k, you could easily afford to get closer to brisbane cbd,which in my opinion would be a safer investment, with better capital growth prospects.
Lower 200k option would be more viable depending on yields, however capital gains are harder to make now, and dependent on the factors mentioned before.
Also worth mentioning alot of homes listed, with not many under contract.
 
Bob Irwin is actually closer to Nanango.

Here is some information which may be of help.

Population - Approx 12500
Main industries - Mining and Agriculture
Main shopping centre is undergoing extension. (Woolies + specialties)
A new shopping centre currently being built due for expansion in the next month or so. (IGA + specialties)
Aldi have recently purchased land in Kingaroy.
Harvey Norman also have approval to build on the edge of town close to the big Mitre 10 complex which was completed last year.
Largest employers are Tarong Energy, Peanut Company of Australia, Swickers, Thiess (who have just been contracted for the Coal Mine).
Theiss contractors are currently moving into rental accomodation.
Two private and two public primary and secondary schools.
Private & Public hospitals.
Properties (farms) are currently being purchased for further mining.
Rents somewhere around the 5% + on recent residential investment purchases. Previous to the boom these rents would have much higher rent percentages of which a lot would now be pos geared.
Most homes in the low $200k or lower bracket were snapped up late last year by investors.
There are 3 or 4 housing developments currently underway within Kingaroy and they have been opening in stages for a couple of years and are ongoing. (either housing blocks or acreage blocks ie 1 - 1.5 acre blocks)

These comments are all off the cuff, there could be other information which may be forthcoming when I think about this a bit more.
 
Makes me wish I kept my 8 acres out of Nanango. Went thru divorce & at that time (8yrs ago)I couldnt afford to keep it (or so I thought!) & sold it for around $12k - bugger.

Looking at the town it seems to have grown nicely in that time...maybe have to venture up there & have a look as there doesnt seem to be many rentals available?

Cheers
Stella
 
It is Australia's HOTTEST Spot

What other place has a...

  • $500 million coal mine
  • $280 million Power Station
  • $1.2 billion Wind Farm
  • Conservation Park

Being constructed that no one (relatively speaking) is talking about?
 
Can't remember if this has been posted here on Somersoft or not. Apologies if it has :)


********************************************

In the interests of national harmony, the Kingaroy Shire Council extends a warm welcome to all those people from Melbourne who wish to visit our fair town. However, previous misunderstandings have made it essential that we hand out the following flyers to those Melbournites interested in spending any length of time in or around Kingaroy, or in interacting with our friendly locals.

Please, be aware of the following guidelines:

Let's get this straight: we have four stoplights in town. We stop when they're red. We may stop when they're yellow. Hell, we may even stop when they're green if we see something interesting across the road.

It's called a 'dirt road.' Yes, we still have some here and there. No matter how slow you drive, you're going to get dust on your BMW. We have four-wheel drives because we use them. Drive or get out of the way.

Any references to "bush pigs" when talking about our women will get your butt kicked ... by our women.

Go ahead and bring your $800.00 Orvis Fly Rod to fish with. Don't cry to us if a bass or golden perch breaks it off at the handle. We have a name for those little 10-inchers you fish for... bait.

That slope-shouldered farm boy did more work before breakfast than you do all week at the gym. He doesn't need your respect, but he sure as hell deserves it.

Pull your pants up. You look like an idiot. Men, if you want to wear earrings, pierce your nose and whatevers, and wear your hair long, go right ahead - but if we call you ma'am, don't be offended.

Yes, we have civilisation here. We've got a new Aldi, a new Hungry Jacks, a new Harvey Norman, and a new mine opening. We've even got a world class shopping centre, a Mitre-10 Megastore, mobile reception all through town, and our property values have jumped by 20% in the last few months. How's Melbourne doing with that?

That's right. A stubbie at a pub is only two bucks. We can buy a carton for what you paid in Melbourne for a six pack.

No, there's no "Vegetarian Special" on the menu. Order steak. Order it rare. Order a two-pound lobster and steamers. Or, you can order the Chef's Salad and pick off the two pounds of ham and turkey.

You bring Coke into my house, it better be brown, wet, and served over ice, or in a can.

Yes, there is a coal mine nearby. It feeds the Tarong Power Station, which provides between a quarter and a third of Queensland's energy. And not only will the mine soon be moving closer to town, we hear a second mine will soon be opening near Kingaroy too. Don't like coal? Coal in town means good people are working.

So you have a sixty-thousand dollar car. We're real impressed. We have quarter of a million dollar peanut harvesters that we use three weeks a year.

Yeah, we eat perch. And bass. And two pound beef steaks. We eat freshwater lobster, scallops, and clams, too. You want sushi and caviar? They're available at the bait shop.

They are cattle. That's what they smell like. Sometimes they even get through fences, and they don't really grasp the concept of roads, so keep an eye out when you're driving. You might want to note that a dried cow pat was how the first frisbee was invented.

Yeah, we have golf courses. Don't hit in the water hazards. It scares the fish. No, there's no crocodiles, but if you hit into the rough, we have these things called red belly blacks, and they're not football players.

Most people in utes wave. It's called being friendly. Try to understand the concept.

We don't do 'hurry up' well.

So you've got a two bedroom investment unit in Toorak that you paid half a million dollars for and rent out for 3% returns? Oooo, we're real impressed. We've got four bedroom Queenslander houses on 1200 square metre ResB blocks two streets from the town centre selling for $230,000, and making 5%. Our houses have yards that kids can throw a ball for a dog in. How exactly do you do that in your Melbourne matchboxes?

The iconic Peanut Van and some of the local vinyards are really tourist traps that no self-respecting Kingaroy native visits (unless we actually want some decent wine or peanuts), but we won't tell you that because we want your tourist dollars. Besides, how else will we unload all those "authentic" Kingaroy artifacts that were made in Taiwan?

You'll notice when there are flocks of native parrots flying overhead, the locals don't speak if they look up at them because of two things: bird poop and gravity.

Cars with Victorian license plates are treated with great respect, and given a wide berth, as everyone knows Victorians can't drive.

We have fruit bats. They poo. It peels paint. You park your BMW under a fruit tree, and they'll leave a logo on your hood.

Unless followed by the word "Sucks," the term "AFL" should never be spoken in Kingaroy. If it is, we will assume that the handbag your wife is holding belongs to you. We follow Rugby Union or even Rugby League. We have no idea what soccer is.

Welcome to Kingaroy...The Way Life Should Be.

Now Go Home.

***************************************

:):D

Seriously though I like Kingaroy.
 
I have a property in Nanango, brought new for 186k couple years ago. Was thinking about selling , however Real Estate agent said things are very flat and about 90 Days on the market if your lucky.

I get 220 pw rent for it. Its worth around 220K.

I think any growth has been had in the last couple of years and I think it will be years away for big growth again.
 
Actually 6 sets of traffic lights now the new Super IGA has come to town. They are just working on the 7th set at the intersection where Aldi are going to build.
 
Kingaroy as a shopping central...

I recently purchased a property in Kingaroy. The reason for this decision over a variety of potential investment options was my research led me to believe that Kingaroy will soon become the regions central shopping district. Up until now, then region has been known for its farming/mining industry, however with the proposed infrastructure and the investment interests from companies such as Harvey Norman etc, I believe that Kingaroy will soon be a much larger shopping town. It already is the main shopping area in the South Burnett, and with the interest from such investors as HN, I feel investing in Kingaroy can guarantee you an adequate return.
Hope this helps...
 
I bought an old place in Kingaroy a couple of years ago on the basis that it seems a nice regional town to live in, whether or not the coal mining surges ahead. It returns 6% with limited ability to increase because rents seem fairly flat, but it is a big enough block to easily put a triplex or bigger on it, which I intend doing.

My concern is that everywhere you look in Kingaroy there is a mass of new housing going up and has been for a while, but other than the mining and the proposed wind farm, there doesn't seem to be much else happening to justify all the building.

I'm not into statistics or reading the stars, but I'll be going ahead with the development on the basis that the likes of Super IGA and Aldi see justification in building there to tackle Woolies and I read somewhere that you can't go wrong if you follow Harvey Norman, which is currently building a complex there.

I also heard that a quick indicator of the state of the economy of a town is to drive down the main street and see how many empty shops there are and if there's lots then keep driving, but if there aren't any then it is bustling. Last time I visited Kingaroy (a few weeks ago) there weren't any empty shops in the CBD...or anywhere else for that matter.

Remains to be seen how the global finance crisis will impact prospering regional towns.
 
Slades

I was at the RE office today. These guys probably have the largest rent roll for Kingaroy. What they need right now is units. There are none available to rent. Even with the 5 or so sub divisions and all the building going on here, there still seems to be a shortage of units and 4 bedroom homes to rent. This RE office only had a few 4 bedroom homes to rent and these were all on acreage. No 4 bedroom homes available in town. I didn't look at the 3 bedroom homes to see how many of these they had on offer.

Kinga
 
Hey Kinga,

How are things shaping up in Kingaroy? There have been some BA's in our area pushing property around Dalby as a result of all the major projects in the pipeline. Calling it a major hotspot. Will this have a big impact on Kingaroy and surrounds?

Thanks, RS
 
Rockstar

What is happening in Dalby goes hand in hand with Chinchilla projects and the like.

Kingaroy has its own Gas test drilling action going on at the moment. Also have not heard lately what is going on with the Wind Farm at Porters Gap. The Wind Farm could flow to either Dalby or Kingaroy.

The new Aldi store is being built at the moment. It is going up very quickly. Also I believe there may be an application in already to expand the new Super IGA complex which has just turned One.

Have heard a whisper that the Coal Mine will be employing again in September.

The owners of the Harvey Norman complex are still struggling to find tenants for the last couple of shops at that end of town. Both HN and Mitre 10 always seem to have plenty of cars in the carparks though.

So there is a bit happening around the place. I don't mind buying in Kingaroy. Have just bought another house, sign the contract tomorrow. And might buy another before the end of the year. The prices are still pretty good and still can negotiate some deals.

Kinga4610
 
Old post I know.......

Not sure what Kingaroy is doing, but Nanango is going back at 100 miles per hour.

Its was probaly the worst investment descision I have ever made. To get any capital gains is going to take forever.

As soon as I can get get rid of it, I will. Might be few years yet though.

The real estate agent has told me its a buyers market there at the moment and I wouldnt get little more that my buy price 3 or 4 years ago.
 
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