Miles QLD

Hi all,
Was wondering if anyone had any thoughts about Miles in the Surat Basin QLD?

thanks

Don't know much about it however just seeing your other question about Cameron Bird selling their wares, I have this to say.

Caveat Emptor

Hence why you are asking.

I had someone try and spruik me their brand new boxes in Chinchilla. These are apparently positive cashflow.

In a town of some 5,000 there are 50 odd rental houses alone and the new boxes are by my rough research yielding around 5 % if one takes the rental asking prices as any guide.

Miles is in that precinct. I cannot comment on the future potential or otherwise of the Surat towns, however if some of these project do not proceed or have a hiatus, there will be very little demand in these small towns for the excessive stock that they are building and misleading the public with positive CF stories and fables.

Do your homework on rea.com.au and domain and see what the yields are. These are risky investments (once the news is out) if you do not have buffers for high vacancies from time to time.
 
Miles

I got that email too...:)
Here's a pic of the main street of Miles
http://en.wikipedia.org/wiki/File:MilesMainStreet.JPG
Cute, but...
Find out who/what the mines are and track down the people in the organisations who look after accomodation. You will probably have to play a lot of phone tag but it is worth getting a picture of how involved the mines themselves may be planning to be, with these properties. Often mining companies contract someone to play property manager, and the owner basically leases the property to the mines, the mine keeps it tenanted etc. IF your own individual figures add up, I would then be after some kind of surety along those lines, that the mines have this potential housing glut on their radars and are themselves saying that yes, they should be able to create the demand for so many houses in the timeframe you need it...
If nothing else you will at least get another perspective, from someone who is not the agent or the broker or the developer or...etc etc.
 
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Hi henso,

Look into Cameby Downs proposed mine expansion as this would be one of the main factors driving the area, its 16kms out of Miles.

http://www.derm.qld.gov.au/environm...processes/cameby_downs_expansion_project.html

I was looking at getting work in the area till i found...
Large-scale open-cut mining is expected to commence in
the Surat Basin in the Wandoan–Taroom region within the
next five years, subject to establishment of new rail and
port infrastructure
.

I believe there is alot of gas projects in the area but the real boom will happen when the government gets on board with the infrastructure, im guessing.

Handy link for coal mines across the state
http://svc115.wic512d.server-web.com/zone_files/coal_files_pdf/new_coal_min_adv_proj.pdf
 
I stayed in Miles in 2007 when I was working for an abbatoir - it was the closest town with accommodation to Condamine (where their feedlot was).

Cute little town, although would have thought Chinchilla offered more opportunities.
 
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