i bought a few in gladdy in 2006, had massive growth initially and then slight slow decline since. Still 40-70% above purchase price now.
I have noticed these town don't tend to move until the first wave of workers arrive and suddenly it is all real and it goes off. The prediction locally is for July, I have been signing 6 month rental agreements in the hope of increasing later in the year (one i signed for 12 months as Rio Tinto tenant)
I have a couple of houses rented by Rio Tinto that have been empty over 12 months but they keep paying
and just renewed one of them by 12 months which is a good sign.
I have a few eggs in the basket so will not buy more but worth considering for a small play if you don't have anything in the town.
The second wave of growth in these hotspot areas ( after initial boom and small reduction) is awesome and has massive impact on equity situation. Bring it on!
Something to consider for those who think Gladdy is ugly ( not that bad in my opinion especially compared to say Whyalla) is Tannam Sands which has a much nicer beach, good shopping center ( without refinery views)! and nicer feel and is only 20 minutes away, i don't own any there but would live there if i had to work in Gladdy.
As for the new estates I wouldn't touch em with a barge pole, my MO is to buy older houses closer to town.
Another bit of info is that in last boom the cheapest units had the highest growth, have family and friends who bought units under $125k that doubled in 12 moths compared to houses maybe 50-75% growth, often seems buyers and renters " aim at the bottom" of these markets as afford ability gets out of hand so they often have the highest growth.
Just my observations, don't rely on me!
Finally as a warning Gladdy has the highest number of cowboy selling and rental agents per capita than any city in Australia in my experience!
Cheers
Bigtone
I have noticed these town don't tend to move until the first wave of workers arrive and suddenly it is all real and it goes off. The prediction locally is for July, I have been signing 6 month rental agreements in the hope of increasing later in the year (one i signed for 12 months as Rio Tinto tenant)
I have a couple of houses rented by Rio Tinto that have been empty over 12 months but they keep paying
and just renewed one of them by 12 months which is a good sign.I have a few eggs in the basket so will not buy more but worth considering for a small play if you don't have anything in the town.
The second wave of growth in these hotspot areas ( after initial boom and small reduction) is awesome and has massive impact on equity situation. Bring it on!
Something to consider for those who think Gladdy is ugly ( not that bad in my opinion especially compared to say Whyalla) is Tannam Sands which has a much nicer beach, good shopping center ( without refinery views)! and nicer feel and is only 20 minutes away, i don't own any there but would live there if i had to work in Gladdy.
As for the new estates I wouldn't touch em with a barge pole, my MO is to buy older houses closer to town.
Another bit of info is that in last boom the cheapest units had the highest growth, have family and friends who bought units under $125k that doubled in 12 moths compared to houses maybe 50-75% growth, often seems buyers and renters " aim at the bottom" of these markets as afford ability gets out of hand so they often have the highest growth.
Just my observations, don't rely on me!
Finally as a warning Gladdy has the highest number of cowboy selling and rental agents per capita than any city in Australia in my experience!
Cheers
Bigtone
